Tanla Platforms Limited (TANLA) Stock - Complete Technical Analysis - Oct 10, 2024

Tanla Platforms Limited: Technical Analysis & Price Trends for Smart Traders

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. Tanla Platforms Limited is currently trading at 861.15, which positions it 31% below its 52-week high of 1248.0 and 10.11% above its 52-week low of 782.05. The stock has recently shown some volatility, with a notable drop from the high of 885.95 on October 9 to its current price, reflecting a bearish trend in the short term. Over the last five trading days, the stock has experienced fluctuations, with significant lows around 851.00 and highs peaking at 887.95.

From a technical standpoint, the Average Directional Index (ADX) at 25.12 indicates a moderately strong trend, while the Relative Strength Index (RSI) at 33 suggests that the stock is approaching oversold territory. The Stochastic RSI and Williams Percent Range both signal oversold conditions, reinforcing the potential for a reversal. The MACD being negative further supports the bearish sentiment in the short term.

In terms of support and resistance, immediate support can be seen at the Classic Pivot S1 level of 862.4, while resistance is indicated at the Classic Pivot R1 level around 956.0. A break below the support could lead to a further decline towards the next support level around 827.55. Conversely, if the stock regains strength and moves past 956, it could potentially reach higher levels, making it essential for traders to monitor these critical levels.

Overall, the stock's current price action suggests caution; however, with indicators showing oversold conditions, a potential reversal may occur. Traders should keep an eye on upcoming sessions for signs of a trend change or confirmation of continued weakness.