Azad Engineering Limited (AZAD) Stock - Complete Technical Analysis - Oct 11, 2024

Azad Engineering Stock Analysis: Bullish Momentum with Key Support & Resistance 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. Azad Engineering Limited (AZAD) is currently trading at 1,500.8, showing a solid upward trend after bouncing off its recent lows. The stock has rallied 133.62% from its 52-week low of 642.4 but remains 27.85% below its 52-week high of 2,080. In the short term, we notice the formation of a bullish "Three White Soldiers" pattern, indicating potential for further upside. The stock is trading above its 10, 20, and 30-day EMAs, suggesting bullish momentum, while the ADX at 31.65 points to a moderately strong trend.

The RSI at 51.48 shows that the stock is neither overbought nor oversold, suggesting a balanced market sentiment. Additionally, the Stochastic RSI indicates an overbought condition, signaling caution for new entrants as some short-term consolidation may occur. The MACD remains negative, which could hint at a potential reversal, though this will need confirmation from other indicators.

Support is seen near the 1,460 level, while resistance lies around 1,520, aligning with recent highs. A break above this resistance could lead to further gains, while failure to maintain this level might see the stock retrace toward its support. The Awesome Oscillator remains negative, suggesting cautious optimism, while the Ultimate Oscillator provides moderate bullish signals. Watch for a potential volatility spike as the ATR shows increased activity over recent sessions, indicating possible price swings.

The inside candle pattern on October 10 further signals indecision in the market, but traders should keep an eye on a breakout from the 1,440 to 1,520 range for directional movement.