Alembic Pharmaceuticals Limited (APLLTD) Stock - Complete Technical Analysis - Oct 08, 2024

Alembic Pharmaceuticals: Bullish Signals & Trading Insights for 2024

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.

Alembic Pharmaceuticals Limited is currently trading at 1246.85, just under its 52-week high of 1284.95, and shows an impressive rally of 76.32% from its 52-week low of 707.15. Recent price action has revealed several bullish signals, particularly the formation of a Morning Star and a Piercing Pattern, both indicating potential reversals and upward momentum. The stock opened today at 1206.90, hitting a high of 1250.40 before closing at 1246.85, showing resilience in the face of volatility.

Technical indicators paint a generally bullish picture. The MACD is signaling upward momentum, while the RSI indicates that the stock is neither overbought nor oversold, sitting around 61.09. The Stochastic %K is strong at 76.36, supporting a bullish outlook. The Average Directional Index (ADX) suggests a trend is in place, albeit moderately strong at 20.66. The stock is currently above key moving averages, with the 10-day EMA at 1213.32 providing immediate support.

Support levels can be identified at 1190.00 and further down at 1174.50 based on the classic pivot points. Resistance is anticipated around 1265.00, with potential breakouts to 1309.00 if the stock maintains its upward trajectory. The recent inside candle pattern indicates indecision in the market, but should the price break above 1265.00, it may signal a strong continuation upward.

In terms of volatility, the Average True Range (ATR) reflects a range of price movement, which traders should be aware of to manage risk effectively. This stock's performance, combined with robust fundamentalslike a P/E ratio of 32.8, ROE of 14.3%, and a steady dividend yield of 0.88%makes it a strong contender for growth-focused investors.

Overall, Alembic Pharmaceuticals Limited presents a compelling case for both short-term trading opportunities and long-term investment, particularly if it can hold above immediate support levels while aiming for resistance breaks. Monitor these levels closely for potential actionable insights.