Aditya Birla Fashion and Retail Limited (ABFRL) Stock - Complete Technical Analysis - Oct 08, 2024

Aditya Birla Fashion (ABFRL) Stock Analysis Key Support & Resistance Levels Technical Outlook

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. Aditya Birla Fashion and Retail Limited (ABFRL) is currently trading at 333.65, which is 8.44% below its 52-week high of 364.4. Over the past week, the stock has shown signs of volatility with notable price fluctuations, as seen in its recent highs and lows. The technical indicators present a mixed picture. The RSI is hovering near 50, suggesting the stock is neither overbought nor oversold, which indicates a neutral momentum. The ADX is at 22.77, showing a weak trend, while the MACD points to some bullish momentum, although it is yet to cross strongly into positive territory. A Bullish Harami pattern has been identified, signaling potential reversal from recent lows, which could lead to an upward push if confirmed by volume and price action in the coming sessions.

The moving averages suggest a consolidation phase, with the price slightly below key short-term EMAs but above longer-term EMAs. This indicates that while the short-term sentiment is cautious, the medium to long-term outlook remains positive. Immediate support is observed around 318, while resistance is likely near the 350 level. If the stock breaks above 350, it could test its 52-week high, and a failure to hold support could see it retest lower levels. Traders should watch for a breakout or breakdown, with volume and price action playing a key role in confirming the next move.