Newgen Software Technologies Limited (NEWGEN) Stock - Complete Technical Analysis - Oct 18, 2024

Newgen Software (NEWGEN) Stock Analysis: Is a Breakout Ahead Key Support & Resistance

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. Newgen Software Technologies Limited (NEWGEN) is trading at 1,258, having retreated from its recent high of 1,548. The RSI indicates the stock is in a neutral zone, while the Stochastic %K suggests oversold conditions, signaling a possible reversal. MACD reveals bullish momentum, but Momentum is negative, urging caution. The ADX shows a strong trend, and the Awesome Oscillator supports positive market sentiment, though the Williams Percent Range highlights oversold conditions. The stock is hovering near its 10-day and 20-day EMAs, suggesting consolidation. Key resistance lies at 1,300, and strong support is seen at 1,200. Traders should monitor closely for a breakout or correction in the coming sessions.