Delhivery Limited (DELHIVERY) Stock - Complete Technical Analysis - Nov 08, 2024

Delhivery Stock Analysis: Bearish Momentum, Key Levels to Watch Technical Breakdown

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. Delhivery Limited (DELHIVERY) is experiencing a challenging phase with its stock price trading near its 52-week low of 346.85, which is just slightly above the 52-week low of 347.4. The recent price action shows a few sudden drops and minor surges, making it volatile in the short term. With the stock down nearly 29% from its 52-week high of 488, it is showing clear bearish momentum.

The stock's ADX value of 32.57 suggests that there is a trend in place, but it's not overwhelmingly strong. The RSI at 25.44 signals oversold conditions, potentially indicating that a reversal could be on the horizon if buying momentum picks up. The MACD indicator at -15.71 is bearish, showing that sellers are currently in control, and this is confirmed by the Awesome Oscillator, which is also in negative territory. However, Stochastic indicators show oversold conditions, potentially indicating that the stock could face a short-term bounce.

Looking at the technical levels, the immediate support comes at the 346 mark. If this is breached, we could see further weakness towards 326.75. On the upside, resistance is expected around 357, and a more robust resistance zone will be around the 370-380 levels.

For traders, the stock presents opportunities if it shows signs of stabilizing near support levels, but caution is needed as the overall trend remains bearish. Monitoring the RSI and MACD for any signs of reversal will be crucial before taking a position. Additionally, the volatility (measured by ATR) suggests that traders should consider stop-loss levels carefully to manage risk.