Lakshmi Machine Works Limited (LAXMIMACH) Stock - Complete Technical Analysis - Oct 09, 2024

Unlocking Opportunities: Lakshmi Machine Works Stock Analysis & Insights

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.

Technical Analysis for Lakshmi Machine Works Limited (LAXMIMACH)

As of October 9, 2024, Lakshmi Machine Works is trading at 17,324.60, which is approximately 9.77% below its 52-week high of 19,199.95 and 36.18% above its 52-week low of 12,722.30.

Current Price Overview:

The stock has shown volatility with recent price fluctuations. Notably, it recorded a shooting star pattern indicating a potential bearish reversal. The recent open was at 17,108.60, with a high of 17,876.95 and a low of 17,070.00, closing at 17,324.60.

Key Support and Resistance Levels:

Support Levels:

Classic S1 at 15,857.55

Camarilla S1 at 18,033.10

Woodie S1 at 16,132.52

Resistance Levels:

Classic R1 at 20,092.50

Camarilla R1 at 18,809.50

Woodie R1 at 20,367.47

Trend Analysis:

The stock is currently showing a mixed trend. The average directional index (ADX) of 31.88 suggests a strong trend, while the relative strength index (RSI) at 57.45 indicates the stock is neither overbought nor oversold, suggesting potential consolidation around current levels.

Volume and Price Action:

An inside candle pattern was identified on September 27, 2024, signaling indecision in the market. The stock traded within a range of 19,199.95 and 16,239.00 over the last eight days, suggesting potential for a breakout or breakdown depending on future price action.

Volatility Indicators:

The average true range (ATR) shows significant volatility, indicating that price swings can be expected in the near term. Recent trading sessions indicate sudden price surges, notably a high of 17,900.00 on October 7, 2024, following a significant drop to a low of 16,881.00 the previous day.

Momentum and Oscillator Indicators:

The MACD level is positive, suggesting bullish momentum, while the awesome oscillator further confirms this trend. However, the stochastic RSI is relatively low, indicating a potential pullback or correction.

Final Observations:

Traders should watch for price movements around the identified support and resistance levels. The current market dynamics suggest that a break above resistance could lead to upward momentum, while a drop below support may trigger further declines.

Overall, Lakshmi Machine Works Limited presents a scenario of cautious optimism, with potential for upward movement contingent on market conditions.