Mangalore Refinery and Petrochemicals Limited (MRPL) Stock - Complete Technical Analysis - Oct 07, 2024

MRPL Stock Analysis Bearish Pattern Detected Key Support & Resistance Levels

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.

Mangalore Refinery and Petrochemicals Limited (MRPL) is currently trading at 172, showing a 40% decline from its 52-week high, yet still up significantly from its 52-week low, indicating considerable volatility. The recent price action shows a bearish sentiment, with a "Bearish Engulfing" pattern, signaling potential further downside. Support levels are currently around the 167 mark, while resistance is expected near 190 based on key moving averages. The RSI at 30 suggests the stock is in oversold territory, which may attract some buying interest, but momentum indicators like MACD and Momentum remain bearish, indicating a lack of upward momentum. The ADX shows a moderate trend strength, but with the Awesome Oscillator and Commodity Channel Index in the negative zone, the stock could face challenges in regaining upward traction. Traders should watch for any price reversals as the stock approaches oversold conditions. Volatility remains high, as seen in the ATR values, indicating the potential for sharp moves in either direction. Investors should keep an eye on price trends and gaps, especially given the high volatility. The current market sentiment favors caution, with resistance around the 190 level being a critical hurdle for any recovery.