EID Parry India Limited (EIDPARRY) Stock - Complete Technical Analysis - Oct 10, 2024

Mastering EID Parry: Technical Insights & Trading Strategies

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 of EID Parry India Limited (EIDPARRY)

As of October 10, 2024, EID Parry India Limited is trading at 810.45, reflecting a notable positioning in relation to its recent price movements. The stock is currently 7.43% below its 52-week high of 875.5, achieved just a week ago, and 79.03% above its 52-week low of 452.7 from late October 2023.

Recent Price Action & Patterns:

The last few trading sessions show significant volatility, with a notable inside candle pattern observed on October 7, indicating potential indecision among traders. This pattern is characterized by the stock trading within a narrower range than the previous day, suggesting traders are closely watching for a breakout or breakdown from the established range. The parent high was recorded at 852.45, while the low was 782.25, marking a total of four days trading within this range.

Support and Resistance Levels:

Immediate support appears to be at around 806, aligning with the previous day's low, while resistance is observed near the recent high of 852.45. If the price breaches 852.45, it could signal a bullish trend toward the next significant resistance level. Conversely, if it falls below 806, we might see a deeper correction towards the lower support at 775.

Indicators Overview:

The Average Directional Index (ADX) at 19.09 suggests a weak trend, indicating that traders should be cautious as the price may be range-bound. The RSI at 45.48 indicates that the stock is neither overbought nor oversold, maintaining a neutral stance. The Stochastic RSI at 22.8 signals potential oversold conditions, which could suggest a reversal soon. The MACD level shows bullish momentum, but caution is advised due to the overall market conditions.

Volatility Analysis:

The Average True Range (ATR) reflects the stock's volatility at approximately 64.67. This indicates significant price swings, advising traders to adjust their stop-loss levels accordingly. The recent price action shows gaps, especially on October 4 and 7, which are crucial for identifying potential reversal points.

Overall, EID Parry India Limited presents a mixed outlook with opportunities for traders, especially near support levels. Close monitoring of key price levels and indicators will be vital for making informed trading decisions.