Concord Biotech Limited (CONCORDBIO) Stock - Complete Technical Analysis - Sep 06, 2024

"Concord Biotech Limited: Technical Analysis

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.

Technical Analysis for Concord Biotech Limited (CONCORDBIO)

Concord Biotech Limited (CONCORDBIO) is currently trading at 1,836, just slightly below its 52-week high of 1,815, indicating a strong bullish trend. The stock has surged 91.50% from its 52-week low of 958.7, showcasing significant upward momentum over the past year.

Support and Resistance Levels:

Immediate Support: Around 1,715, which aligns closely with the Volume Weighted Moving Average and recent historical price action.

Immediate Resistance: Approximately 1,861, where the Hull Moving Average is positioned, suggesting potential price retracement if it fails to break this level.

Moving Averages Analysis:

Exponential Moving Averages (EMA): The stock is trading above its EMAs, including the 10-day EMA at 1,743.71 and the 50-day EMA at 1,641.33, reflecting a strong short-term and medium-term bullish trend.

Simple Moving Averages (SMA): The price is also above its SMAs, including the 10-day SMA at 1,716.98 and the 50-day SMA at 1,649.68, further confirming bullish momentum.

Technical Indicators:

MACD: The MACD is high, suggesting a bullish trend.

RSI: At 67.88, RSI indicates that the stock is approaching overbought territory, suggesting caution for short-term traders.

ADX: The ADX value of 29.16 signifies a strong trend, reinforcing the ongoing bullish move.

Stochastic Oscillator: With a %K of 83.97, the stock is in the overbought zone, indicating possible price consolidation or pullback.

Awesome Oscillator: At 143.92, this indicator supports the strength of the bullish trend.

Williams Percent Range: At -22.8, it suggests that the stock is overbought.

Pivot Points:

The Classic Pivot Point is at 1,651.2, with the nearest resistance levels at 1,829.7 and 1,993.5. The support levels are at 1,487.4 and 1,308.9.

In summary, CONCORDBIO is demonstrating robust bullish signals with several indicators and moving averages pointing towards further upside potential. However, given the overbought conditions indicated by RSI and Stochastic Oscillator, traders should be cautious of potential short-term corrections or consolidations.