Coromandel International Limited (COROMANDEL) Stock - Complete Technical Analysis - Sep 05, 2024

Coromandel International Technical Analysis Key Support

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. For Coromandel International Limited (COROMANDEL), trading at 1,720, we observe a complex technical landscape. The stock is currently 3.85% below its 52-week high of 1,789, reached on August 22, 2024, and 68.79% above its 52-week low of 1,019. Recent trading patterns show an Inside Candle formation on September 4, 2024, indicating a consolidation phase with a tight trading range of 1,705 to 1,740.

Looking at the moving averages, the short-term Exponential Moving Averages (EMA) are above the long-term EMAs, suggesting a bullish trend, though caution is advised as the stock is near its support levels. The current price is just above the 20-day EMA of 1,719 and the 50-day EMA of 1,643, but below the 10-day EMA of 1,733, indicating mixed signals.

The Relative Strength Index (RSI) at 53.44 shows the stock is neither overbought nor oversold, which aligns with its current range-bound behavior. The Moving Average Convergence Divergence (MACD) line is positive, signaling bullish momentum, but the Awesome Oscillator and Momentum indicators are slightly mixed, suggesting caution.

Support is identified around the Classic Pivot S1 at 1,633, with additional support from the Camarilla S3 and Fibonacci S2 levels. Resistance is close to the Classic Pivot R1 at 1,836 and R2 at 1,914, with higher resistance at the Woodie R1 of 1,860. The Average True Range (ATR) indicates volatility, with recent values reflecting significant movement potential.

In summary, while Coromandel International shows bullish tendencies, especially with its positive MACD and close proximity to key moving averages, traders should monitor the stock around the current support levels and be wary of resistance points. The Inside Candle pattern suggests consolidation, so waiting for a breakout above or below these key levels may offer clearer trading signals.