MM Forgings Limited (MMFL) Stock - Complete Technical Analysis - Nov 01, 2024

MM Forgings Stock Analysis: Key Support, Resistance & Bearish Indicators for Traders Partha Kucha

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.

MM Forgings Limited (MMFL) is showing signs of possible reversal with the stock at 496, nearing oversold conditions as highlighted by an RSI of 33.07 and a Stochastic %K of 10.61. The ADX at 41.66 suggests a strong existing trend; however, this strength aligns with a bearish MACD and a negative Awesome Oscillator, reinforcing a dominant selling momentum. Bearish moving average crossovers persist, with short-term averages (10, 20) staying well below longer-term averages (50, 100), further confirming a downtrend.

In terms of support and resistance, classic and Fibonacci pivots place potential support around 443, where traders could see a floor if selling continues, while resistance might be found near 524, a level to watch for a bullish breakout. The ATR levels suggest heightened volatility, indicating that the stock may experience larger price swings in the near term. Traders should monitor for a shift in momentum if there is a break of the resistance level, as well as any volume spikes that may signal reversal or continuation in trend.