Shalby Limited (SHALBY) Stock - Complete Technical Analysis - Oct 31, 2024

Shalby Limited: Is a Reversal Coming Technical Analysis & 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. Shalby Limited's current price of 236.20 positions it 30.43% below its 52-week high of 339.50, showing strong bearish sentiment. Recently, the stock exhibited a shooting star pattern, indicating a potential reversal, but ongoing volatility is apparent with fluctuations in the last five trading days. The most recent high of 248.70 shows significant resistance.

Key indicators paint a complex picture: the MACD is negative, suggesting bearish momentum, while the RSI at 36.59 hints at oversold conditions, possibly paving the way for a rebound. With the ADX above 29, the stock is in a strong downtrend, supported by negative readings from the CCI and Awesome Oscillator.

Support levels are identified around 234.85, while resistance is likely at 240.30 and 248.70. A clear breach above these resistance points could signal a trend reversal. Traders should monitor these levels closely, remaining alert to changes in market sentiment and momentum indicators.