AstraZeneca Pharma India Limited (ASTRAZEN) Stock - Complete Technical Analysis - Oct 25, 2024

AstraZeneca Pharma India Technical Analysis: Key Insights 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. In the technical analysis of AstraZeneca Pharma India Limited, the stock price is currently at 7142.20, reflecting an interesting market sentiment. Trading 12.25% below its 52-week high of 8139.00, this stock has seen a substantial increase of 59.60% since its low of 4475.00 a year ago. Recent patterns, including a Doji and a Spinning Top, indicate indecision among traders, making it essential to monitor for potential breakouts.

The Average Directional Index (ADX) at 24.8 shows that while the current trend is developing, it's not yet strong enough to guarantee a clear direction. With the Relative Strength Index (RSI) at 43.46 and a bullish MACD, the stock is in a neutral position, suggesting possible upward movement or a pullback. Key support is identified around 6845.9, while resistance can be observed at approximately 7491.7.

The volatility is notable, indicated by the Average True Range (ATR), suggesting traders should prepare for potential price swings. A breakdown below support might trigger further declines, while a solid breakout above resistance could ignite a bullish trend. Staying vigilant around these levels is critical for effective trading strategies in the coming sessions.