Mangalore Refinery and Petrochemicals Limited (MRPL) Stock - Complete Technical Analysis - Oct 23, 2024

MRPL Stock Technical Analysis: Key Levels to Watch for Traders

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. Mangalore Refinery and Petrochemicals Limited (MRPL) is experiencing significant volatility, currently trading at 154.62, well below its recent high of 289.25. The stock is about 67.16% above its 52-week low of 92.5, indicating a substantial recovery since then. The recent price action shows a sharp decline from highs above 168, with todays trading indicating strong selling pressure.

The Average Directional Index (ADX) shows a strong trend, while the Relative Strength Index (RSI) is indicating oversold conditions. This may lead to a potential reversal in the near term. Key support is identified at around 141.37, and a break below this level could lead to further declines. Conversely, resistance is present near 168.62, where several moving averages converge, acting as a potential barrier for price recovery.

With MACD remaining negative, bearish sentiment prevails, although other indicators like the Ultimate Oscillator suggest a weakening in selling momentum, hinting at a possible buy signal for traders looking for short-term opportunities. Traders should keep a close watch on these levels, as a breakout above resistance may signal a shift in trend towards bullishness, while a failure to hold support could lead to further downward movements.