Unichem Laboratories Limited (UNICHEMLAB) Stock - Complete Technical Analysis - Oct 11, 2024

Unichem Laboratories Limited: Technical Analysis & Trading Insights October 2024

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.

Unichem Laboratories Limited (UNICHEMLAB) is currently trading at 710.70, exhibiting a 1.53% decline from its 52-week high of 700.00 reached on October 1, 2024. This stock has shown remarkable resilience, being 78.12% above its 52-week low of 399.00 on November 3, 2023. Over the last week, significant price fluctuations were observed, especially on October 11, where the stock opened at 670.00, reached a high of 721.40, and closed at 710.70, indicating potential volatility and bullish sentiment.

The Average Directional Index (ADX) at 44.16 suggests a strong trend, with the Relative Strength Index (RSI) at 69.14 nearing overbought territory. This could indicate a possible pullback or consolidation phase in the near term. Meanwhile, the Stochastic %K is at 59.95, which is relatively stable, pointing towards a potential continuation of upward momentum. The MACD is at 18.25, reflecting positive momentum, further supported by a high Bull Bear Power of 75.05.

Support levels can be identified around the Classic Pivot at 639.00 and the Fibonacci Pivot at 639.00, providing a cushion against potential downturns. Resistance levels are evident at the Classic Pivot R1 of 713.8 and Fibonacci Pivot R1 of 688.85, where profit-taking may occur. Notably, the stocks volatility is highlighted by an Average True Range (ATR) of approximately 32.24, indicating that price movements may remain significant in the coming sessions.

Overall, traders should watch for any sudden price surges above the resistance level of 713.8 for confirmation of a bullish trend, while keeping an eye on support around 639.00 as a potential entry point if the stock experiences a retracement.