Rajesh Exports Limited (RAJESHEXPO) Stock - Complete Technical Analysis - Oct 18, 2024

Rajesh Exports Technical Analysis: Key Levels & Insights

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. Welcome to the technical analysis for Rajesh Exports Limited, currently trading around 280. The stock shows a recent downward trend, closing at 279.80 on October 18, which is approximately 40% below its 52-week high of 465.8 reached on October 18, 2023. It's also 7.2% above its 52-week low of 261.0 from March 28, 2024.

Analyzing the price action over the past week, we note a significant gap from the previous highs, indicating potential resistance near 290, as the stock struggled to maintain upward momentum. The last five days show a pattern of decreasing highs, with a notable drop from 290.70 on October 14 to the recent close, indicating bearish sentiment and pressure on the stock.

In terms of technical indicators, the MACD shows a bearish trend, indicating that the stock may continue to face selling pressure. The RSI is hovering around 43, suggesting that the stock is neither overbought nor oversold, indicating a potential accumulation phase. However, the Stochastic and CCI readings suggest weakness, with values reflecting oversold conditions.

Volatility is highlighted by the ATR, which shows significant price swings, and the stock has experienced sudden drops recently, raising concerns among traders. The ADX below 20 indicates a lack of a strong trend, signaling indecision among market participants.

Support is observed around the 275 level, while resistance is likely near 285, based on moving averages and previous price action. Traders should be cautious and consider these levels for potential entries or exits, as the stock navigates this volatile phase.