Delhivery Limited (DELHIVERY) Stock - Complete Technical Analysis - Oct 16, 2024

Delhivery Stock Analysis: Will It Bounce Back Key Support & Resistance Levels Explained

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. Delhivery Limited's stock is currently trading at 408.55, showing a significant decline from its recent peak. The stock is trading approximately 16.28% below its 52-week high of 488, reached in early February, indicating potential resistance in this area. The recent price action reflects volatility, with the last five trading days displaying notable price fluctuations.

Last session, the stock opened at 410.05, dipped to a low of 401.40, and peaked at 410.95 before closing at 408.55. This represents a clear sudden drop from its previous close of 410.10, reflecting bearish sentiment. The overall trend appears to be bearish, with consecutive lower highs and lows observed. The RSI is positioned at 43.17, suggesting that the stock is nearing oversold territory, while the MACD indicates bearish momentum.

Key support levels to watch include 399.78, with further support at 374.57. Should the price manage to bounce back, resistance is expected at 420.67, identified by the 20-day SMA, and 423.72 at the classic pivot point. Traders should keep an eye on the average directional index (ADX) at 12.22, indicating a lack of strong trend momentum, suggesting further consolidation could occur.

The Stochastic indicators, showing values below 40, support the observation of a potential price reversal. Moreover, the volatility is highlighted by the Average True Range (ATR) of 46.15, suggesting traders should be cautious of rapid price movements. Observing how the stock reacts at the support and resistance levels will be crucial for future trading decisions.