Bhagiradha Chemicals & Industries Limited (BHAGCHEM) Stock - Complete Technical Analysis - Nov 01, 2024

Bhagiradha Chemicals Technical Analysis Key Insights & Price Levels

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 this analysis of Bhagiradha Chemicals & Industries Limited, currently priced at 364, we observe a dynamic market situation, trading 18.63% below its 52-week high of 447.7 and 164.56% above its 52-week low of 137.7. The stock's recent activity indicates volatility, with a noticeable rise in the last week that culminated in a closing price of 364.30 after reaching a high of 369.00 on November 1.

The technical indicators paint a varied picture. The RSI, sitting at 56.15, shows the stock is relatively balanced, while the Stochastic RSI suggests overbought conditions, indicating a potential price correction may be forthcoming. The MACD is in negative territory, signaling bearish momentum, yet the positive reading from the Momentum indicator suggests the possibility of upward movement.

Looking at moving averages, the stock is trading above the short-term EMAs but remains below the 50 and 100-day EMAs, highlighting a cautious sentiment in the longer term. The ADX reading at 15.72 points to a weak trend, emphasizing the potential for price volatility.

On the support and resistance front, key levels are crucial. Immediate support is located around 348.88, with resistance at 382.67. A breach above resistance could target 407.78, whereas a decline below support may lead towards 323.77.

In conclusion, Bhagiradha Chemicals exhibits a blend of bullish and bearish signals. Traders should stay alert to market changes and utilize the RSI and MACD for timing their trades effectively.