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

ACC Stock Analysis Consolidation with Bearish Momentum Key Levels for Traders

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. ACC Limited is currently trading at 2,294.80, showing a consolidation phase just below the 2,300 mark. The stock has experienced a sharp pullback from its recent highs, approximately 19% down from its 52-week peak of 2,844. This suggests potential resistance in the 2,300-2,400 range, which is further validated by the multiple rejections near 2,330.

Key indicators point towards a bearish momentum, as the MACD remains in negative territory, signaling a lack of bullish strength. Additionally, the RSI is hovering near 33, indicating the stock is approaching oversold levels. However, the ADX reading shows a weak trend, which means the stock could continue to move sideways in the near term. The Stochastic Oscillator is deeply oversold, pointing to a potential bounce if buyers step in.

Moving averages reflect strong resistance ahead, with the 200-day EMA at 2,413 and the 100-day SMA at 2,499 acting as key barriers. On the downside, the stock is finding support at the psychological level of 2,290, which has held well in recent sessions. If this level breaks, the next support zone lies around the 2,230 mark. The Awesome Oscillator and Williams %R both suggest that the stock might still face downward pressure before a significant recovery can be expected.

The appearance of an Inside Candle pattern on October 10th indicates a potential breakout, and traders should watch for a decisive move beyond the 2,330 resistance or below the 2,290 support. The ATR indicates high volatility, making this an attractive stock for swing traders looking to capitalize on potential price reversals or breakouts.

Overall, ACC appears to be in a consolidation phase with bearish momentum. A breakout above 2,330 could lead to short-term upside, while a breakdown below 2,290 might trigger further downside action.