Ideaforge Technology Limited (IDEAFORGE) Stock - Complete Technical Analysis - Oct 21, 2024

Ideaforge Technology Limited Technical Analysis: Key Support & Resistance Levels Revealed

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.

Technical Analysis of Ideaforge Technology Limited (IDEAFORGE)

Currently trading at 663.30, Ideaforge Technology Limited is positioned 25.37% below its 52-week high of 888.8 and 7.19% above its 52-week low of 618.8. The recent formation of a Shooting Star pattern indicates a potential bearish reversal, and the price action has shown significant volatility. The stock opened today at 655.00, peaked at 680.00, and closed at 663.30, indicating selling pressure.

Key indicators paint a bearish picture; the MACD is in negative territory, suggesting downward momentum. The RSI is close to the neutral mark, indicating consolidation, while the ADX shows weak trend strength. Stochastic indicators hint at oversold conditions, possibly signaling a recovery if buying interest picks up.

Key support is identified near 664, with psychological significance at 684.83. Resistance levels are evident at 680 and further upward at 686.75, aligned with the Ichimoku Base Line. Traders should exercise caution; a break below 663 may trigger declines toward 664.42, while a push above 680 could signal a bullish reversal.

Overall, Ideaforge Technology Limited presents a mixed technical scenario, with potential for a short-term rally if resistance at 680 is breached. However, prevailing bearish pressures warrant vigilance.