DLF Limited (DLF) Stock - Complete Technical Analysis - Nov 05, 2024

DLF Limited Technical Analysis: Is a Reversal Ahead

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 our detailed analysis of DLF Limited, we find that the stock is currently positioned at 799.05, which reflects a significant gap from its recent high of 967.60, indicating a potential resistance level. Over the last week, DLF has experienced substantial volatility, with an observed high of 800.45 and a low of 773.55 today. The pattern emerging is a Bullish Harami, which suggests that a reversal might be on the horizon, particularly as the stock has moved into an oversold condition with an RSI at 41.42.

Support appears to be robust at 752.27, complemented by the recent low of 773.55. Despite the bearish sentiment reflected in the recent price actions, the low ADX of 22.99 signals a weak trend, potentially allowing for price stabilization. Moving averages also indicate that the stock is trading below its short-term averages, reinforcing a bearish outlook, but a bounce back above the 800 level could change the narrative.

Investors should closely monitor the 800 mark as a pivot point, alongside the RSI readings, to gauge if the stock can muster enough momentum to break past resistance or if it will continue to find support at lower levels.