BOROSIL RENEWABLES LIMITED (BORORENEW) Stock - Complete Technical Analysis - Oct 11, 2024

Borosil Renewables Limited Analysis: Key Levels & Patterns Unveiled

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.

Borosil Renewables Limited (BORORENEW) is currently trading at 461.90, showing a significant distance from its recent 52-week high of 669.35. The stock has experienced a bearish trend with notable patterns, including a Bearish Engulfing and an Evening Star, signaling potential further declines. The RSI is currently at 34.54, indicating that the stock is nearing oversold territory, while the MACD remains negative, reflecting bearish momentum.

Support levels are primarily found around 460, which aligns with yesterday's low and the Classic Pivot S1. If the price breaches this support, we may see further declines toward 462.63, the Fibonacci S1 level. Conversely, resistance is positioned around 472.08, indicated by the 10-day Exponential Moving Average. A close above this level could suggest a potential trend reversal.

Recent price action reveals volatility, highlighted by an ATR of 25.94, indicating substantial price movement in recent sessions. The stock has witnessed a sudden drop from its recent highs, indicating bearish pressure. The current market sentiment appears cautious, with the ADX at 16.5 suggesting a weak trend.

In conclusion, traders should monitor the 460 support closely. A break below this level could trigger further selling pressure, while a rally above 472 could signal a short-term reversal opportunity. It's crucial to exercise caution and be mindful of market volatility when considering positions in BORORENEW.