Lupin Limited (LUPIN) Stock - Complete Technical Analysis - Oct 15, 2024

Lupin Limited: Technical Analysis & Price Predictions for 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. Lupin Limited's current trading price is 2,251, just below its 52-week high of 2,312, indicating strong upward momentum. The stock has surged significantly, being 100.44% above its 52-week low of 1,123. The recent price action shows an inside candle pattern formed on October 10, indicating a potential consolidation phase. The parent high is 2,304.9, while the low is 2,112, suggesting the stock has been trading in a relatively tight range recently.

From the technical indicators, the RSI is positioned at 55, which signals that the stock is neither overbought nor oversold, suggesting a balanced market sentiment. The MACD indicates bullish momentum, while the Awesome Oscillator supports the potential for further upward movement. However, the ADX level is low, indicating a lack of strong trend strength.

The stock's recent behavior reflects some volatility with sudden price drops and surges observed in the last five trading days, particularly on October 10, when the price dropped from a high of 2,304.9 to close at 2,154.65. This indicates possible profit-taking or market adjustments. The average true range shows increased volatility, suggesting traders should be cautious and prepared for potential swings.

Support is identified around the 2,210 mark, which aligns with key moving averages, while resistance is evident at 2,290, near the recent high. Traders should monitor these levels closely. Overall, Lupin Limited shows promising signs for traders, but prudent risk management is essential, considering the current volatility and potential price corrections.