MphasiS Limited (MPHASIS) Stock - Complete Technical Analysis - Nov 08, 2024

MphasiS Stock Analysis: Support & Resistance Levels Will it Breakout Technical Insights

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. MphasiS Limited (MPHASIS) Stock: Technical Insights for Traders

MphasiS Limited (MPHASIS) is currently trading at 2,858.35, sitting just below its 52-week high of 3,187.80. It shows potential for growth but faces short-term consolidation. Over the past five days, weve seen a steady range-bound movement, with a Spinning Top candlestick pattern indicating market indecision.

The Relative Strength Index (RSI) is at 42.08, which indicates that the stock is not in overbought or oversold territory, and may continue to move sideways. The Average Directional Index (ADX) is relatively low at 16.71, indicating weak directional movement, and suggesting that traders should watch for signs of breakout or reversal in the coming days.

From a moving average perspective, the stock is currently trading below both its short-term 10-day and 20-day exponential moving averages (EMA), which hints at short-term bearish pressure. However, it is trading above its long-term 200-day EMA, which signals a bullish trend over the long haul.

The key support levels are near 2,845, with resistance at 2,880. If the stock breaks above 2,880, it could head toward the 3,100 level. On the downside, a break below 2,845 may signal a further pullback to the 2,800 range.

Key Takeaways:

Neutral to slightly bearish in the short term.

Support and resistance levels to watch: Support at 2,845, Resistance at 2,880.

High volatility and indecision in the market make it important to watch for a breakout or breakdown.