Devyani International Limited (DEVYANI) Stock - Complete Technical Analysis - Nov 11, 2024

Devyani International Technical Analysis: Key Patterns & Resistance Levels Stock Review

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. Devyani International Limited's stock (DEVYANI) is showing mixed signals on the technical front. With a current price of 174.60, it is trading significantly below its 52-week high and above its 52-week low. The stock recently formed a Bullish Engulfing and a Morning Star pattern, signaling a potential reversal to the upside.

On November 11, the stock showed volatility, opening at 170.75 and hitting a high of 180.70, but closing at 174.60. The Spinning Top candlestick suggests market indecision. The Relative Strength Index (RSI) is neutral at 50.29, while the Stochastic RSI is quite high, indicating overbought conditions. The MACD remains in negative territory, showing weak momentum.

The stock is near the 200-day Exponential Moving Average (EMA), which could act as resistance. The Average Directional Index (ADX) suggests a moderately strong trend, but the Awesome Oscillator is negative, confirming weak momentum.

Volatility remains high, as indicated by the Average True Range (ATR). Traders should watch for a breakout above the 200-day EMA for confirmation of an upward trend. However, short-term traders should be cautious of the overbought condition.