Jubilant Foodworks Limited (JUBLFOOD) Stock - Complete Technical Analysis - Oct 24, 2024

Jubilant Foodworks Technical Analysis Bearish Patterns Key Support & Resistance Levels

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.

Jubilant Foodworks Limited (JUBLFOOD) is showing signs of continued bearish pressure, currently trading at 600.80, 16% below its 52-week high. Recent price action has formed a Spinning Top, a Doji, and Three Black Crows pattern, all signaling market indecision and a bearish continuation. The stock is below key EMAs, with the 200-day EMA at 572.21 acting as a crucial support level. MACD remains in negative territory, while the RSI at 34.72 and Stochastic %K at 15.57 are edging towards oversold conditions, suggesting a potential rebound.

However, bearish momentum is supported by negative readings in the Awesome Oscillator, Williams %R, and Bull Bear Power indicators. ADX at 35.67 indicates a strong trend, albeit downward. Traders should keep an eye on the key resistance levels around the 50-day SMA at 650, as breaking through this would signal a possible bullish reversal. On the downside, a break below 600 could lead to a test of the 572-542 support range, making this a crucial zone to monitor for any significant moves.