Bhageria Industries Limited (BHAGERIA) Stock - Complete Technical Analysis - Oct 04, 2024

Bhageria Industries Limited: Technical Analysis and Key Insights for Traders

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. Analyzing Bhageria Industries Limited, the stock currently trades at 231.48, positioned 19.46% below its 52-week high of 287.4, achieved on September 16, 2024. It is also 65.34% above its 52-week low of 140.0 recorded on June 4, 2024. The recent price action shows the formation of an inside candle pattern on October 3, 2024, with a parent high of 248.0 and a low of 230.0, suggesting a potential consolidation phase.

Recent trading data indicates a gradual decline, with a notable drop from 241.61 to 231.48 within five trading sessions, emphasizing increased volatility. Notably, the stock opened at 238.43 on October 4, 2024, and experienced a low of 230.50, which closely aligns with the support level established by the low of the inside candle pattern. The resistance level can be identified around 248.0, derived from the previous day's high.

Technical indicators show that the ADX is at 34.58, indicating a strong trend, while the RSI is at 46.39, suggesting the stock is nearing neutral territory, which may signal a potential reversal. The MACD level is positive at 4.77, further supporting upward momentum. However, with the Stochastic RSI and Williams Percent Range both indicating oversold conditions, traders should monitor for a possible rebound.

Volatility is evident with the Average True Range (ATR) showing fluctuations, and the recent close below key moving averages (including the 10-day and 20-day EMAs) indicates caution. Watch for price action around the 230.0 support level; a breach could lead to further downside, while a rebound could test the resistance at 248.0. This stock is currently in a critical phase, making it essential for traders to stay alert to any developments.