Azad Engineering Limited (AZAD) Stock - Complete Technical Analysis - Oct 25, 2024

Azad Engineering Stock Analysis Support, Resistance, RSI, MACD Insights

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 examining the technical chart for Azad Engineering Limited, we observe key indicators aligning in a downward trend. With the RSI around 38, the stock leans toward an oversold position, and the ADX near 25 highlights a weakening bearish trend. Currently, the stock is 32% below its yearly high and above the 52-week low, suggesting considerable volatility this year. The MACD is negative, affirming ongoing selling momentum, while other indicators like the Stochastic RSI and Awesome Oscillator also echo a cautious stance. Price action shows the stock closing in on strong support near its 200-day SMA around 1393.

If the price holds above this support, short-term traders may find buying interest on any price dips. However, a rebound would require a definitive close above key EMAs, with resistance around 1485. The Ultimate Oscillator at 44 points to continued caution but also hints at consolidation potential if the price breaks past 1458. This combined data signals a wait-and-watch approach, where breakout levels above 1417 and support near 1387 could dictate upcoming moves, especially if the stock gathers buying momentum on volume upticks.