Neogen Chemicals Limited (NEOGEN) Stock - Complete Technical Analysis - Oct 21, 2024

Neogen Chemicals Stock Analysis Bearish Pattern with Key Support Levels Should You Buy Now

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. Neogen Chemicals Limited has been on a downward trend, currently priced at 1971.35, reflecting a 17.52% dip from its 52-week high. The œThree Black Crows pattern suggests bearish continuation, making it essential to monitor short-term trends. The RSI at 47.83 points to a potential oversold condition, but other indicators like ADX at 33.18 and Stochastic %K at 22.5 confirm a weakening momentum.

While the stock is under key short-term moving averages like the 10-day EMA, the long-term moving averages, particularly the 200-day EMA at 1643.48, offer strong support. MACD indicates some bullish momentum, but the current negative pressure might limit upward movement. Near-term support lies around 1850, and resistance stands at 2100. Traders should be cautious of the current volatility and look for confirmation through a break above resistance before making fresh entries.