Shilpa Medicare Limited (SHILPAMED) Stock - Complete Technical Analysis - Oct 21, 2024

Shilpa Medicare: Is This the Right Time to Invest Technical Analysis 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. Shilpa Medicare Limited, currently priced at 831, remains 13.41% off its recent 52-week high of 959.5, suggesting a resistance zone to watch closely. The stock has been experiencing fluctuations, with recent trading showing highs of 865 and lows of 817.55. The MACD is indicating bullish momentum, while the RSI at 49.29 reflects a neutral stance, allowing for potential price movements in both directions. The Stochastic %K is at 60.09, hinting at a bullish signal.

However, the ADX reading of 23.1 suggests a weak trend, making it vital to watch for breakouts. Significant support is found around the 800 mark, with resistance emerging around 850, aligning with the 20-day EMA. Recent volume trends have decreased, suggesting cautious trading. The recent price action highlights sudden drops and gaps, indicating potential volatility ahead. Traders should stay alert for any reversal patterns or bullish signals, as these could provide actionable insights for positioning in the stock.