Muthoot Microfin Limited (MUTHOOTMF) Stock - Complete Technical Analysis - Oct 21, 2024

Muthoot Microfin Stock Analysis Bearish Signals Ahead Key Levels to Watch

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. Muthoot Microfin Limited is currently trading at 212, reflecting a bearish outlook as it is below critical support levels. The stock is well below its 52-week high, and recent price action confirms a downtrend with "Three Black Crows" signaling a bearish continuation. The MACD shows strong downward momentum, supported by an RSI that is deeply in oversold territory, indicating the possibility of further downside unless a reversal occurs soon.

MUTHOOTMF is also below its key EMAs, with the price moving under the 10, 20, and 200-day moving averages, which suggests that the bearish pressure could continue. The low ADX shows weak trend strength, and with momentum indicators in the negative zone, it's clear that the stock is facing significant selling pressure. For now, immediate support lies around 210, with the next key support at 196 if the decline continues. Resistance, on the other hand, is expected near the 225-230 range. Traders should be alert to any sudden reversals, but the current technical setup favors a bearish bias.