Madras Fertilizers Limited (MADRASFERT) Stock - Complete Technical Analysis - Oct 01, 2024

Madras Fertilizers Stock Analysis: Key Support and Resistance Levels Is a Rebound Coming

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Madras Fertilizers Limited (MADRASFERT) is currently trading at 106, showing a significant rebound from its 52-week low of 72.25 but still down 21.17% from its 52-week high of 134.0. The stock's RSI is sitting at 47.9, indicating it is in neutral territory, neither overbought nor oversold. The ADX is low at 16.44, signaling a lack of strong directional movement, which may suggest a consolidation phase.

In terms of moving averages, the price is hovering near both its short and long-term EMAs and SMAs, with the 200-day EMA at 100.3 providing strong long-term support. The MACD shows bearish momentum, while the Awesome Oscillator and Stochastic Oscillator suggest some underlying weakness, with potential for a near-term dip. However, with strong support at the 100-102 range based on various moving averages and pivot levels, traders should watch for a bounce if it sustains above these levels.

Resistance levels around 110 may pose a challenge, but a break above this could trigger a rally toward 115. Keep an eye on volume and momentum indicators for a clearer directional move. Given the technicals, its essential to manage risk with close stop losses, particularly for swing traders.