REC Limited (RECLTD) Stock - Complete Technical Analysis - Nov 07, 2024

REC Limited (RECLTD) Stock Technical Analysis Key Support & Resistance Levels 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. REC Limited (RECLTD) Stock: In-depth Technical Breakdown

Currently trading at 528.65, REC Limited shows mixed signals with a combination of bearish patterns and support at key levels. The Bearish Engulfing and Evening Star suggest potential downside pressure, especially as the stock is below its 10-day Exponential Moving Average. The RSI of 47.96 places the stock in a neutral zone, but the Stochastic RSI at 72.57 indicates an overbought condition, which could signal a pullback.

Despite this, REC is still 75% above its 52-week low, demonstrating strong potential for a bounce from current levels. The Average Directional Index (ADX) reading of 29.93 implies that the stock is in a trending market, but momentum is not yet extreme. With a Momentum Indicator of 7.35, there's potential for a rebound if support holds.

Key Support Levels around 525 and 523.45 should be closely monitored. If these hold, traders could expect a potential short-term bounce back toward the resistance around 536 and higher. On the downside, a close below 525 could signal further weakness.

Traders should stay cautious with the bearish reversal patterns but keep an eye on these key levels for possible trade opportunities. The ATR suggests moderate volatility, so make sure to manage positions carefully.

Quick Takeaways:

Bearish Pressure: Watch for short-term weakness.

Support Levels: 525 and 523.45 are critical.

Bullish Reversal Potential: A bounce from 525 could offer a short-term opportunity to ride a recovery.