Emami Paper Mills Limited (EMAMIPAP) Stock - Complete Technical Analysis - Nov 04, 2024

Technical Analysis of Emami Paper Mills Limited - 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. Emami Paper Mills Limited has experienced a turbulent trading period with todays price at 105.01, revealing a bearish outlook driven by recent chart patterns, particularly the Bearish Engulfing and Evening Star formations. With the stock trading about 30.87% below its recent high of 151.9 and only 6.07% above its low of 99.0, traders are watching closely for critical price levels.

Momentum indicators suggest that while the MACD remains negative, the RSI is hovering near the oversold zone, potentially hinting at an upcoming reversal. The ADX is indicating a strong trend, and traders should be alert to its movements. Significant support can be found around 100.63 and 96.51, while resistance is observed at the classic pivot point of 107.3 and Fibonacci resistance at 113.97. The heightened volatility, highlighted by the Average True Range, warns traders to expect possible abrupt price changes. Staying vigilant with these technical indicators will be key for traders aiming to navigate Emami Paper Mills' stock in the near future.