Apollo Hospitals Enterprise Limited (APOLLOHOSP) Stock - Complete Technical Analysis - Oct 22, 2024

Apollo Hospitals Technical Analysis: Bearish Patterns and 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.

Lets take a closer look at Apollo Hospitals Enterprise Limited, currently trading at 6891.95. The stock is revealing bearish tendencies, accentuated by a bearish engulfing pattern which indicates increased selling pressure.

The immediate support level to watch is 6887.15, corresponding with the Classic Pivot S1. Should the price breach this, we may see a further decline towards Fibonacci support near 6900.77. On the resistance front, we have a key level at 7102.05, a Classic Pivot that traders will monitor for any upward movement.

Analyzing momentum indicators, the MACD suggests positive momentum, yet it shows convergence, hinting at a possible reversal. The RSI is resting at 44.33, signaling a neutral zone, while the Average Directional Index, at 18.49, indicates a weak trend strength, suggesting potential for choppy price action.

Volatility remains a factor, highlighted by an Average True Range that exceeds 800. This hints at recent significant price swings, advising traders to remain alert for sudden price drops or surges.

Overall, the stock is at a pivotal point with critical support and resistance levels that can shape future price movements. Caution is advised as we analyze the support at 6887.15 for potential bearish setups and 7102.05 for bullish confirmation.