Mangalore Refinery and Petrochemicals Limited (MRPL) Stock - Complete Technical Analysis - Oct 15, 2024

Mangalore Refinery (MRPL) Stock Analysis: Inside Candle Pattern Key Support & Resistance Levels

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. Mangalore Refinery and Petrochemicals Limited (MRPL) is currently trading around 170, showing a consolidation phase after recent price drops. With the stock down over 41% from its 52-week high of 289.25, but up significantly from its 52-week low of 92.5, there's notable volatility. The recent Inside Candle pattern, observed on October 7, indicates potential price compression, which might lead to a breakout soon.

On the technical side, the Relative Strength Index (RSI) is in oversold territory at 31, suggesting that the stock might be nearing a reversal point. This aligns with other momentum indicators like the MACD, which continues to signal bearish momentum, and the Awesome Oscillator, which remains in negative territory. The ADX at 27 reflects moderate trend strength, with no clear directional bias.

Moving averages show that the stock is trading below key levels, with the 200-day Exponential Moving Average (EMA) at 189, which could act as a long-term resistance. Meanwhile, short-term support lies around the 167-170 zone, marked by the recent lows and classic pivot levels. A break below this range could lead to further downside, while any move above 180 would signal a shift in momentum toward bullish recovery. Keep an eye on the Stochastic RSI, which, though low, indicates the stock is on the cusp of a potential rebound.

Given the overall bearish indicators, cautious traders may want to wait for clearer signals of reversal before taking long positions, or consider short opportunities if the stock breaches key support levels. However, if the stock sustains above 180, it could trigger a recovery phase towards 190 and beyond.