Finolex Cables Limited (FINCABLES) Stock - Complete Technical Analysis - Oct 25, 2024

Finolex Cables Limited Stock Analysis: Navigating Market Trends & Key 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. Finolex Cables Limited (FINCABLES) - In-Depth Technical Analysis

Finolex Cables Limited is currently trading at around 1,190, reflecting a significant decline of approximately 30.03% from its 52-week high of 1,700, which occurred in late June 2024. This price action shows that the stock has faced considerable pressure over recent months. On the flip side, it is 43.10% higher than its 52-week low of 831.25, registered in March.

Recent trading sessions indicate a bearish trend. On October 25, the stock opened at 1,265, with a low of 1,174.55 and a close at 1,189.55, suggesting increased selling pressure. The MACD has turned negative, pointing towards weakening momentum, while the RSI, currently at 27.8, indicates the stock is in oversold territory. The Stochastic Oscillator further supports this oversold condition, hinting at a possible price correction soon.

In terms of support and resistance, we see immediate support near 1,175. If the stock can break through the resistance level at 1,269, we could see a recovery rally targeting the 1,300 mark. Conversely, if the support is broken, it could lead to a downward trend towards 1,067, consistent with past price behavior.

The ADX at 26.76 suggests a strong trend is in place, while both the Awesome Oscillator and CCI are signaling bearish momentum. The ATR shows significant volatility, which traders should factor into their strategy, emphasizing the need for caution and well-timed entries based on further confirmations.

In summary, while there are indications of potential bullish reversals, traders should be vigilant, monitoring the support levels closely for signs of a rebound, while also keeping an eye on volume dynamics to gauge market sentiment.