Data Patterns (India) Limited (DATAPATTNS) Stock - Complete Technical Analysis - Nov 11, 2024

Data Patterns Stock Technical Analysis Support & Resistance Levels November 2024 Update

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.

Data Patterns (India) Limiteds current market price of 2182.25 reveals that the stock is experiencing some pressure after reaching its 52-week high. The stock is 40.29% below its 52-week high, suggesting it has faced substantial selling pressure since then. From a technical standpoint, the stock's RSI value is under 40, which is generally seen as a sign of being oversold and potentially due for a rebound. However, the Average Directional Index (ADX) indicates a lack of a strong trend, implying that the stock may remain in a choppy or consolidating phase.

The shooting star candlestick pattern seen recently on November 11th suggests a bearish reversal. This pattern formed after a brief rally and suggests that the stock could struggle to break through resistance levels. The current price is hovering near key support at 2150. If this level breaks, traders could look for a move down toward the 2000 area. Conversely, a move back above 2200 might signal a retest of higher resistance around 2400.

Technical indicators like the MACD and Momentum suggest that the stock is in a short-term downtrend, but the Stochastic RSI and CCI are indicating oversold conditions, which may result in a reversal to the upside in the near term. The key factor to watch here is whether the stock can manage to hold above the 2150 level; failure to do so could lead to further downside potential. The volatility reflected in the Average True Range (ATR) suggests that price swings will be important in the coming sessions, and traders should be cautious about sudden surges or drops in price.

Overall, Data Patterns is at a critical juncture, with support at 2150 and resistance near 2400. Traders should be ready for possible price action between these levels and watch for a break to confirm the next move.