MphasiS Limited (MPHASIS) Stock - Complete Technical Analysis - Oct 07, 2024

MphasiS Stock Analysis: Is a Reversal on the Horizon 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.

MphasiS Limited, currently trading at 2874.45, is showing signs of market indecision with today's candle forming a Spinning Top. This pattern reflects uncertainty, with the stock opening at 2899, reaching a high of 2979, and closing slightly lower at 2874.45. The stock is currently 9.83% below its 52-week high of 3187.80, achieved on September 17, 2024, and 38.92% above its 52-week low of 2069.10, reached on October 26, 2023.

The Average Directional Index (ADX) is relatively low at 17.37, indicating a weak trend. The RSI at 39.92 suggests that the stock is approaching oversold territory, while the Stochastic indicators indicate potential upward momentum as the %K is at 6.36 and Stochastic RSI Fast at 3.15, both hinting at a potential reversal from the current downtrend. The MACD level shows a negative divergence at -18.25, emphasizing bearish momentum.

Support levels can be identified around 2890, which aligns with the Classic Pivot S1, while resistance appears to be near the Classic Pivot at 3038.92. Volatility remains high, with an Average True Range (ATR) of 512.86, highlighting potential price swings. In the past five trading days, notable price drops occurred on October 4 and 7, with both days showing significant lower highs and lows. Traders should closely monitor these levels and consider potential entry points if the stock moves above resistance or tests support effectively, indicating a possible reversal.