Angel One Limited (ANGELONE) Stock - Complete Technical Analysis - Oct 08, 2024

Angel One Stock Analysis: Key Support & Resistance Levels Bullish Reversal

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.

Angel One Limited (ANGELONE) is currently trading at 2597.15, showing a 33.34% decline from its 52-week high and a 34.23% gain from its 52-week low, indicating a range-bound movement in recent times. The stock recently formed an Inside Candle pattern on October 3, signaling potential price consolidation and a possible breakout. On the technical front, the bullish Harami pattern suggests a reversal could be on the horizon. The current RSI value around 53 suggests neutral momentum, while the ADX value of 16 indicates a weak trend. MACD remains above the signal line, pointing to underlying bullish momentum, though the stock has shown some price weakness in the last few days.

ANGELONE is hovering around key exponential moving averages, such as the 10-day EMA of 2587 and the 50-day EMA of 2499, which currently act as dynamic support. Immediate resistance lies around 2615 based on recent highs, while a break above this level could push the price towards the 2700 mark. Conversely, support is found at 2520, where the stock previously bounced back. The Awesome Oscillator also reflects positive momentum, though it's not strongly confirmed by other indicators. Traders should watch out for potential price volatility as the stock approaches key levels, especially with the average true range (ATR) indicating medium-term price fluctuations.

Overall, traders could consider buying on dips with a target towards 2700, but caution is warranted as price action remains volatile in the near term. Monitoring MACD and RSI trends, along with breakout confirmation, will provide clearer trading signals.