Ircon International Limited (IRCON) Stock - Complete Technical Analysis - Sep 05, 2024

IRCON International Stock Analysis: Key Support

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.

IRCON International Limited (IRCON) is currently trading at 252.50, which is 28.19% below its 52-week high of 351.6 and 110.42% above its 52-week low of 120. The stock has been showing signs of bearish momentum, evident from a Bearish Engulfing pattern and an inside candle formation in the last two trading days. Key technical indicators show weak momentum: the RSI is in oversold territory at 34, while MACD is negative, suggesting bearish pressure. Stochastic oscillators also signal that the stock is in deep oversold conditions, indicating potential for a short-term bounce. However, the Awesome Oscillator and ADX show weak buying strength, and the stock continues to trade below key moving averages like the 50-day and 100-day EMAs, which indicates a downward trend.

On the support and resistance front, the stock is currently near a support zone at 252, aligned with key Fibonacci and Camarilla levels. Immediate resistance is seen around 270, with stronger resistance at 280 based on moving averages and pivot points. Traders should watch for a potential breakout above these resistance levels or further downside pressure if support at 252 fails to hold. Given the bearish technicals and ongoing low momentum, cautious trading is advised until there is a clear reversal signal.