Munjal Auto Industries Limited (MUNJALAU) Stock - Complete Technical Analysis - Nov 04, 2024

Munjal Auto Industries Technical Analysis: Key Support & Resistance Levels Unveiled

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 of Munjal Auto Industries Limited, currently at 130.41, we focus on critical support and resistance levels. The immediate support sits at 127.20, the day's low, while resistance can be found at 133.00, today's high. Should the stock breach 127.20, we could see a decline towards the next support around 125.00. On the flip side, a breakout above 133.00 could lead to a move towards the 135.00 to 138.14 range.

Analyzing moving averages, we find the stock trading above the 10-day and 20-day SMAs but just below the 50-day SMA, suggesting a short-term bullish sentiment with potential medium-term resistance. The MACD hints at a bullish momentum, although it remains weak, cautioning traders of limited upward pressure. Meanwhile, the RSI remains neutral, implying no immediate overbought or oversold conditions, while the ADX indicates a weak trend overall.

Recent price action reveals a bearish engulfing pattern, indicating a possible reversal in momentum. The last five trading days have shown volatility with significant price swings, reaching a high of 133.90 before a pullback, as evidenced by the Average True Range.

In summary, while Munjal Auto presents some bullish characteristics with a support level at 127.20, the bearish engulfing pattern and resistance at 133.00 indicate traders should exercise caution and be prepared for possible reversals. Keeping an eye on these levels will be vital as we proceed.