Network18 Media & Investments Limited (NETWORK18) Stock - Complete Technical Analysis - Oct 10, 2024

Network18 Media Technical Analysis: Bearish Signals & Key Levels to Watch

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. Network18 Media & Investments Limited is currently trading at 76.26, showing a substantial decline of approximately 43.80% from its 52-week high of 135.7, which was reached on January 19, 2024. The stock is positioned about 15.98% above its 52-week low of 65.75 recorded on October 26, 2023.

Analyzing the recent price action, we observe a bearish Evening Star pattern, indicating potential reversal. The stock opened at 77.51 today, reaching a high of 78.46 and closing at 76.26, suggesting bearish momentum as it failed to maintain levels above recent highs. The RSI is currently at 32.27, indicating the stock is in the oversold territory, while the Stochastic %K is at 23.22, further confirming bearish conditions.

The Average Directional Index (ADX) is at 23.87, suggesting that the current trend may be weak but could potentially strengthen. The stock's volatility is apparent with an Average True Range (ATR) of 7.92, indicating significant price fluctuations. This is compounded by the presence of an inside candle pattern observed on October 9, which signifies a potential continuation or reversal setup as the stock traded within a tight range between the parent high of 79.39 and the low of 76.0.

Support levels are evident around the recent low of 76.0, with a strong pivot point at 85.96 that may act as resistance. Traders should monitor these levels closely as breaks below support could lead to further declines, while a push above resistance might indicate a trend reversal. The MACD is currently negative, highlighting continued selling pressure.

In summary, Network18s current technical indicators reflect a bearish sentiment, underscoring the importance of strategic positioning in light of potential reversals and support levels. Traders should proceed with caution, keeping an eye on volume trends for confirmation of price movements.