HMA Agro Industries Limited (HMAAGRO) Stock - Complete Technical Analysis - Aug 30, 2024

HMA Agro Industries Stock Analysis: Key Support, Resistance

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.

Let's dive into the technical analysis of HMA Agro Industries Limited (HMAAGRO).

Currently, the stock is trading at 50.8, significantly below its 52-week high of 839.9, reflecting a sharp decline of about 93.96%. On the other hand, it is trading slightly above its 52-week low of 48.0, which indicates a proximity of just 5.77% from this low.

Support and Resistance Levels:

Support Levels: The stock has immediate support at the Classic Pivot S1 of 50.99. If it breaches this, the next support levels are at the Fibonacci Pivot S1 of 51.85 and Camarilla Pivot S1 of 53.04. Additional supports can be found at Woodie Pivot S2 of 48.53 and the 52-week low of 48.0.

Resistance Levels: Resistance is seen at the Classic Pivot R1 of 56.49, followed by the Fibonacci Pivot R1 of 56.05 and the Camarilla Pivot R2 of 54.55. Further resistance may emerge at the Woodie Pivot R1 of 56.65 and the Classic Pivot R2 of 59.45.

Technical Indicators:

Moving Averages: The stock is currently below its Exponential Moving Averages (EMA) and Simple Moving Averages (SMA) across various periods, indicating a bearish trend. Key levels to watch include the EMA 50 at 52.55 and the SMA 50 at 52.62.

MACD: The MACD is negative, suggesting a bearish momentum, though its important to monitor for any potential crossover.

RSI: The Relative Strength Index (RSI) is in a neutral zone, around 43.74, indicating that the stock is neither overbought nor oversold.

ADX: The Average Directional Index (ADX) at 15.92 signals a weak trend strength, suggesting that the market is in a consolidation phase.

Stochastic Indicators: The Stochastic %K is at 55.94, while the Stochastic RSI is relatively high at 77.93, hinting at potential overbought conditions.

Awesome Oscillator: The Awesome Oscillator is negative, indicating bearish momentum.

Chart Patterns and Observations:

The stock is trading below several key averages and pivot points, highlighting a bearish outlook. However, the proximity to support levels and the negative MACD suggest potential for a bounce if the stock finds buying interest at these lower levels.

Overall, the technical setup suggests caution due to the bearish indicators but also points to potential opportunities if key support levels hold. Traders should watch for any shifts in momentum and price action around the critical support and resistance zones.