Metro Brands Limited (METROBRAND) Stock - Complete Technical Analysis - Oct 08, 2024

Is Metro Brands a Buy Detailed Technical Analysis & Price 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.

Metro Brands Limited Technical Analysis

Metro Brands Limited is currently trading at 1,219.45, which is 15.39% below its 52-week high of 1,441.20 and 23.17% above its 52-week low of 990.05. The stock has shown some volatility in the last five trading sessions, with a noticeable surge on October 4th, reaching a high of 1,264.90 before closing at 1,255.25. However, this was followed by a drop to 1,212.55 on October 7th, indicating some uncertainty in price action.

The support level appears to be around 1,210.97 based on Classic Pivot analysis, while significant resistance can be observed at 1,264.68. The average directional index is currently at 23.75, indicating a weak trend, while the RSI is positioned at 40.09, suggesting that the stock is moving toward the oversold territory. The Stochastic indicators also align with this sentiment, as they are both indicating lower momentum.

Moving averages indicate bearish pressure, with the stock trading below its 10-day and 20-day exponential moving averages. The price has recently crossed below the hull moving average of 1,220.91, which could signal further downside potential if it fails to recover above this level.

The Commodity Channel Index reading of -153.76 signifies that the stock is in an oversold condition, potentially indicating a bounce may occur soon. However, the Awesome Oscillator is negative at -26.02, reflecting bearish momentum in the short term.

In summary, Metro Brands Limited is experiencing heightened volatility with potential price drops ahead unless it can decisively break through the resistance around 1,264.68. Traders should be cautious and watch for further developments around the support level of 1,210.97 for signs of a reversal or continuation of the current bearish trend.