MRF Limited (MRF) Stock - Complete Technical Analysis - Oct 23, 2024

"MRF Limited Technical Analysis: Key Levels & Market Trends Explained"

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 MRF Limited (MRF) Stock

Current Price: 125,494

1. Support and Resistance Levels:

Support:

S1: 133,281

S2: 128,049

S3: 118,265

Resistance:

R1: 143,065

R2: 147,616

R3: 157,400

2. Price Trends:

MRF's price movement shows fluctuations, recently closing lower, marking a downward trend. It is currently 17.14% below its 52-week high and 17.28% above its 52-week low, indicating mixed market sentiment.

3. Volatility and Reversals:

The stock demonstrates notable volatility, as seen in the last five trading sessions, which could signal potential price reversals.

4. Indicators:

MACD: A bearish signal with a negative MACD.

RSI: At 26.27, indicating oversold conditions.

Stochastic: Extremely low values suggesting strong bearish momentum.

ADX: A value of 19.23 indicates a weak trend.

5. Chart Patterns:

Potential for a double top formation, signaling a bearish reversal if confirmed.

6. Conclusion:

Investors should monitor price movements around the key levels identified and assess for potential buying opportunities if signs of reversal emerge from the current oversold conditions.