Blue Dart Express Limited (BLUEDART) Stock - Complete Technical Analysis - Oct 17, 2024

Blue Dart Express: Key Technical Insights & Trading Strategy

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.

Technical Analysis of Blue Dart Express Limited (BLUEDART)

As of October 17, 2024, Blue Dart Express Limited is trading at 8,311, reflecting a notable decrease of 12.41% from its 52-week high of 9,488.7. The stock's price shows a significant bullish trend from its 52-week low of 5,486.6, currently trading 51.48% above this level. Analyzing the recent trading activity, the last five days indicate volatility, with the price fluctuating between a high of 9,034.95 and a low of 8,201. This suggests potential market uncertainty and a possible price correction in the near term.

Support and resistance levels are critical for traders. Immediate support can be identified around the 8,200 mark, while resistance lies near 8,500. The Average Directional Index (ADX) indicates a strong trend, currently above 30, which suggests that traders should watch for potential momentum shifts. The RSI, positioned near 47.78, suggests that the stock is neither overbought nor oversold, providing a balanced perspective for traders.

Further indicators show that the MACD is currently positive, indicating potential upward momentum, while the Stochastic oscillator's position indicates a neutral trend. However, traders should be cautious of the Awesome Oscillator, which is indicating bullish momentum.

Price gaps were observed during the last trading session, with the opening price at 8,525 and a significant spike reaching 9,034.95 before closing lower, indicating a possible price reversal. This creates a short-term gap that could be filled in the next trading sessions.

Given the stock's overall volatility, indicated by an ATR of around 1,100, traders should consider setting stop-loss orders close to the support level to mitigate risks. It is essential to monitor price movements closely as the stock navigates through these critical levels to make informed trading decisions.

In summary, while Blue Dart Express Limited exhibits strong long-term potential, traders should exercise caution due to recent volatility and monitor key support and resistance levels for optimal entry and exit points.