Credo Brands Marketing Limited (MUFTI) Stock - Complete Technical Analysis - Nov 01, 2024

Credo Brands (MUFTI) Stock Technical Analysis: Key Levels to Watch

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. Now, lets analyze MUFTI for our online viewers. With the stock currently priced at 190, we've witnessed some exciting fluctuations. Recently, the stock surged from 185.15 to a high of 192.82, reflecting bullish interest. However, October 30 presented a critical moment, with a sharp drop from 197.70 to 188.48, indicating volatility that traders should be wary of.

This sharp price movement highlights resistance around 197, making it a pivotal area for potential selling. On the other hand, support appears to be firm in the 185-186 range; if the stock can maintain above this, it may lead to further gains. The stock is trading significantly below its all-time high, suggesting that there is potential for recovery and upside.

Turning to technical indicators, the RSI at 51.48 indicates that the stock is neutral, with neither overbought nor oversold conditions. However, the MACD reveals bearish tendencies, hinting at possible further downward movements if it drops below the signal line. The ADX, positioned at 21.58, shows that the current trend is weak, suggesting traders should adopt a cautious approach.

Lastly, the development of a potential double bottom pattern could serve as a bullish reversal indicator, provided it breaks above the 197 level. With momentum indicators also showing potential strength, MUFTI might be gearing up for an upward move, making it crucial for traders to keep an eye on these key levels and manage risk accordingly.