Honasa Consumer Limited (HONASA) Stock - Complete Technical Analysis - Oct 09, 2024

Technical Analysis of Honasa Consumer Limited (HONASA): Bearish Trends and Key Levels

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.

Honasa Consumer Limited is currently trading at 433.15, which reflects a 20.81% decline from its recent 52-week high of 547.0, reached on September 10, 2024. The stock has shown some resilience, as it sits 69.00% above its 52-week low of 256.3 recorded on November 10, 2023.

Analyzing the recent price action, there have been notable patterns, including a Dark Cloud Cover and an Evening Star, indicating potential bearish reversals. The recent open and close values illustrate this volatility; todays session opened at 448.30 and traded between a low of 430.30 and a high of 448.30, closing at 433.15. This suggests some hesitation in buyers strength after reaching 448.30, reflecting a potential turning point.

Technical indicators paint a concerning picture; the RSI is at 36.23, indicating the stock is nearing oversold territory, suggesting a possible rebound if buying interest picks up. The MACD is negative, which signals bearish momentum, while the Awesome Oscillator is also in negative territory, suggesting continued selling pressure.

In terms of support and resistance levels, immediate support appears to be around 418.93, as indicated by Classic Pivot S1, while resistance is at 482.97, the Classic Pivot Point. The Average True Range (ATR) of 25.94 signals moderate volatility, meaning traders should brace for potential price swings. The Exponential and Simple Moving Averages indicate a bearish trend, as current prices are below these key moving averages, with the EMA(10) at 449.03 and SMA(10) at 450.94.

Overall, Honasa Consumer Limited is experiencing selling pressure with significant price fluctuations, and traders should closely monitor support levels for potential reversals or breakouts in either direction.