Jyothy Labs Limited (JYOTHYLAB) Stock - Complete Technical Analysis - Nov 11, 2024

Jyothy Labs Limited (JYOTHYLAB) Stock Analysis Support, Resistance & Technical Indicators Nov 20

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. Jyothy Labs Limited (JYOTHYLAB) is currently facing short-term technical weakness, with the stock price at 477.60, showing a clear downtrend since hitting its 52-week high of 595.85. The Relative Strength Index (RSI) is at 36.64, signaling the stock is near oversold conditions, but it does not indicate an immediate reversal. The MACD is still in the negative zone, suggesting the ongoing bearish momentum. The support levels around 475 remain crucial, with a potential further dip to 471 if the price fails to hold above the support.

The stock has been facing selling pressure over the past week, closing below its key moving averages, such as the 10-day, 20-day, and 50-day exponential moving averages. The commodity channel index (CCI) and Awesome Oscillator are both showing negative momentum, confirming the bearish trend. However, volatility has been increasing, as reflected in the ATR, and traders should expect potential price swings in either direction. Resistance lies in the 485-490 range, and any move above this level could signal a potential reversal towards 505-510. Given the overall market conditions, its important to monitor these levels for any signs of stabilization or reversal before taking any trading positions.