Refex Industries Limited (REFEX) Stock - Complete Technical Analysis - Nov 01, 2024

Refex Industries Technical Analysis: Trading Insights & Strategies

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 today's analysis, we're examining Refex Industries Limited, which currently trades at 492. This stock has shown notable fluctuations, recently dipping from a high of 573. Resistance appears strong at around 570, while the support level is estimated at 480. The stock's momentum is interesting, bolstered by a bullish MACD, suggesting a positive outlook for short-term trades.

Currently, the RSI is around 56, indicating there's potential for upward movement without being overbought. However, the Stochastic RSI is above 80, hinting at a potential price correction. The ADX indicates a weak trend, suggesting that traders should adopt cautious strategies.

Furthermore, the stock is trading above its 50 and 100-day moving averages, signaling bullish sentiment. According to our pivot analysis, a breakout above 500 could lead to challenges at 560, while a fall below 480 could initiate a downward trend. Given the stock's impressive recovery of over 430% from its 52-week low, investors should monitor volume and price trends closely for future trading opportunities.