Marico Limited (MARICO) Stock - Complete Technical Analysis - Oct 15, 2024

Marico Stock Analysis: Key Support & Resistance, Bearish Harami Pattern Is a Reversal Coming

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. Marico Limited (MARICO) is showing mixed signals in its current technical setup. The stock is trading at 685.70, just below its 52-week high of 719.85, and has seen a moderate pullback from recent highs. The RSI indicates neutral momentum around 49, signaling neither overbought nor oversold conditions. The ADX shows weak trend strength, while the MACD suggests potential bullish momentum. However, recent price action has formed a Spinning Top candlestick, indicating market indecision. A Bearish Harami pattern has also been detected, hinting at potential downside pressure.

From a moving average perspective, MARICO is trading near its short-term EMAs, with the 10-day and 20-day EMAs slightly above the current price, suggesting short-term resistance around the 689-690 levels. On the downside, support can be expected around the 676 level, aligned with the 50-day EMA. A break below this level may trigger further selling pressure, potentially taking the stock toward the 651 level, which is its 100-day EMA.

Given that the stock is 41% above its 52-week low of 486.3, it shows strength over the long term. However, the Stochastic indicators are showing signs of weakening momentum, which could lead to some short-term volatility. Traders should keep an eye on the next resistance around 693, and if broken, it could push the stock back toward its recent highs. Conversely, support at 680-676 is critical to watch for any potential downside risks.