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Eldeco Housing And Industries Limited (ELDEHSG) Stock - Complete Technical Analysis - Nov 04, 2024

Detailed Technical Analysis of Eldeco Housing: Key Insights for Traders

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. Eldeco Housing And Industries Limited's current trading price stands at 808.50, significantly lower than its 52-week peak of 1175.00. The recent Spinning Top candlestick pattern signifies market indecision, suggesting that traders should be cautious. The ADX reading indicates a strong trend, yet the RSI suggests a bearish momentum with the potential for oversold conditions, as indicated by the Stochastic readings.

Key support is found around 800, while resistance is near 840. This means traders should closely monitor price action in these ranges. Additionally, the negative MACD line reinforces bearish sentiment. The volatility indicated by the ATR highlights the need for careful trading strategies as sudden price swings are possible. In conclusion, while there is a potential for a bounce back, traders are advised to wait for clearer signs before committing to any trades.







 

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