Coromandel International Limited (COROMANDEL) Stock - Complete Technical Analysis - Oct 08, 2024

Coromandel International Technical Analysis: Key Levels to Watch

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.

Coromandel International Limited is currently trading at 1,574, reflecting a notable 12.01% decrease from its 52-week high of 1,789, which was achieved on August 22, 2024. The stock is also 54.47% higher than its 52-week low of 1,019.05, recorded on October 30, 2023. Recent price action shows some volatility, with the stock closing at 1,574.15 today after opening at 1,561.15. In the past week, we've seen price trends that indicate a downward movement, particularly highlighted by a drop from 1,728.00 on October 1 to 1,574.15 today.

This week's performance has been marked by a sudden price drop on October 3, when the stock reached a high of 1,739.40 before closing significantly lower at 1,669.30, signaling potential bearish momentum. Additionally, the RSI is currently positioned around 35.67, suggesting the stock is in a bearish zone, while the MACD shows a negative divergence, reinforcing the downward trend. The Stochastic %K at 9.66 indicates that the stock is oversold, hinting at a possible reversal in the near term.

Support levels are established around 1,545.65 and 1,561.15, while resistance is likely to be encountered at 1,668.87. Given the Average Directional Index (ADX) reading of 27.81, which indicates a strong trend, traders should be cautious and consider market volatility when making decisions. Additionally, the stocks ATR reflects heightened volatility, thus monitoring these levels can provide crucial insights for traders looking to capitalize on potential price movements. Overall, a close watch on momentum indicators and reversal patterns will be essential for both short-term and long-term investors.