Aditya Birla Fashion and Retail Limited (ABFRL) Stock - Complete Technical Analysis - Sep 05, 2024

Aditya Birla Fashion 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. Aditya Birla Fashion and Retail Limited (ABFRL) is currently trading at 315, which is 9.63% below its 52-week high of 348.9 and 58.64% above its 52-week low of 198.75. The stock recently exhibited an inside candle pattern on 4th September 2024, which suggests indecision in the market. Traders should monitor if the price breaks above the parent high of 318.7 or below the low of 309 to confirm the next direction.

The Relative Strength Index (RSI) is around 47, indicating that the stock is in a neutral zone, neither overbought nor oversold. The MACD is showing a bearish crossover, as it currently sits below its signal line, suggesting possible short-term weakness. The Average Directional Index (ADX) stands at 16, signaling a lack of strong trend momentum at the moment, while the Commodity Channel Index (CCI) is at -69, hinting at a slightly oversold condition.

From a moving average perspective, the stock is trading close to its 50-day Exponential Moving Average (EMA) of 315.79, indicating that it's in a consolidation phase. However, it remains well above its 200-day EMA of 278, signaling long-term bullishness. Key support levels are around 298 based on recent price action, with resistance around 335.

In terms of oscillators, the Stochastic RSI and the Williams Percent Range suggest the stock has more room to move before hitting oversold levels, adding to the view that further downside might be limited. The Average True Range (ATR) indicates the stock has been experiencing moderate volatility.

In conclusion, traders should watch for a break of either support at 309 or resistance at 318.7 to determine the next move. The overall trend appears neutral with some downside bias in the short term, but the long-term picture remains bullish.