Imagicaaworld Entertainment Limited (IMAGICAA) Stock - Complete Technical Analysis - Oct 21, 2024

Imagicaaworld Entertainment Limited Technical Analysis: Bearish Trends & Key Levels

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.

Imagicaaworld Entertainment Limited is exhibiting bearish signals with the current price of 77.19, reflecting a decline from the previous days. The stock is trading 25.24% below its recent peak of 103.25, achieved on August 20, 2024, while standing 79.93% above its 52-week low of 42.9 from October 26, 2023. Recent trading patterns show a bearish engulfing formation, suggesting a continuation of downward momentum.

The recent highs reached 80.44 on October 21, followed by a close at 77.19, indicates increased selling pressure. The Average True Range (ATR) indicates moderate volatility, which can lead to fluctuations in price, and the RSI is currently at 39.33, hinting at oversold conditions that may trigger a price correction soon.

Key support is identified at 75.18, while the primary resistance level is around 85.51. Traders should be vigilant of these levels as they plan their trading strategies. In essence, cautious trading is advised due to the bearish indicators, with an eye on possible corrections based on the current oversold status of the stock.