AstraZeneca Pharma India Limited (ASTRAZEN) Stock - Complete Technical Analysis - Nov 11, 2024

AstraZeneca Pharma India (ASTRAZEN) Stock Technical Analysis: Key Levels to Watch

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. AstraZeneca Pharma India Limited (ASTRAZEN) is showing interesting technical signals as it currently trades at 7,256. This is about 10.84% below the 52-week high of 8,139, but still 60.90% above the 52-week low of 4,510, indicating strong recovery after its recent lows.

Looking at the recent price action, the stock has been volatile, with notable fluctuations in the past few days. On November 8th, for instance, the stock opened at 7,519 but closed lower at 7,306, pointing to resistance around 7,500. The low point of 7,215 on November 11th also suggests that this level could act as short-term support.

From a technical standpoint, the stocks short-term outlook appears bearish, as the 10-day EMA is below the 20-day and 30-day EMAs, which could signal further downside in the short term. The Relative Strength Index (RSI) is hovering around neutral levels, indicating the stock is neither overbought nor oversold at the moment. This suggests that a period of consolidation or ranging movement could occur before any significant trend develops.

However, the stock remains above its long-term support levels, with the 200-day moving average acting as a strong support at 6,405. The low ADX reading suggests weak trend strength, but it could potentially indicate a reversal if the stock consolidates and breaks key resistance.

Traders should watch for resistance around 7,500 to 7,600 and support near 7,200 and 7,000. A breakout beyond these levels could signal a larger move. While the stocks strong fundamentals, with impressive metrics like ROE and ROCE, give it growth potential, technical indicators suggest that a cautious approach is necessary in the short term.