Delta Corp Limited (DELTACORP) Stock - Complete Technical Analysis - Oct 11, 2024

Delta Corp Limited: Technical Analysis - Price Action, Support & Resistance Insights

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. Delta Corp Limited is currently trading at 124.73, exhibiting a notable decline of 21.95% from its 52-week high of 159.80 and an increase of 19.42% from its 52-week low of 104.45. Recent trading activity reveals an inside candle pattern formed on October 7, indicating potential consolidation. The parent high and low during this pattern were 126.64 and 119.00, respectively, with the stock having traded within this range for five consecutive days.

The Average Directional Index (ADX) is at 19.46, suggesting a weak trend, while the Relative Strength Index (RSI) at 43.15 indicates the stock is neither overbought nor oversold. Stochastic indicators reflect a similar sentiment, with %K at 21.67, indicating potential bullish momentum if the stock can break above 126.64. MACD shows a negative value of -2.05, signaling a bearish outlook in the short term. However, the Awesome Oscillator at -7.18 implies diminishing downward momentum.

Looking at moving averages, the stock is below key exponential moving averages (EMA) such as the 10, 20, and 30-day EMAs, which are at 125.47, 127.3, and 128.32, respectively. The Simple Moving Averages (SMA) confirm this trend, indicating the price action is under pressure. Support is found at 124.17, with a significant level at 118.44, while resistance stands around 133.17, a pivotal point from various pivot calculations. The last five trading sessions indicate volatility with fluctuating highs and lows, the most significant drop occurring on October 7, when the stock reached a low of 119.00.

Overall, traders should be cautious, as the current technical setup reflects potential for further consolidation or reversal, particularly if it can surpass the resistance level at 126.64. Observing volume and price action closely in the coming sessions will be key for identifying entry points.