Shoppers Stop Limited (SHOPERSTOP) Stock - Complete Technical Analysis - Nov 12, 2024

Shoppers Stop Stock Technical Analysis: Bearish Momentum and Key Support Levels Nov 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. Shoppers Stop Limited (SHOPERSTOP) stock is showing signs of weakness, currently trading at 629.20, just above its 52-week low of 629.35. The recent performance has been volatile, with the stock experiencing a decline over the past several trading sessions. On Nov 12, it dropped more than 2.7%, closing at 629.20 from an opening price of 646.95, confirming a bearish sentiment in the market. The stock remains significantly below its 52-week high of 943.4, representing a discount of over 33%.

Technical indicators such as the ADX, RSI, and Stochastic suggest that while the stock is oversold, bearish momentum continues to dominate. The RSI at 27.75 points to oversold conditions, which may lead to a short-term recovery but not necessarily a reversal of the broader downtrend. The Bearish Engulfing pattern on the chart further reinforces the bearish outlook. The stock has also been trading below the 50, 100, and 200-day moving averages, which are all pointing downward.

Immediate support for the stock can be found around 617.95, with a more significant support level near 598. If the stock fails to maintain these levels, the downtrend could continue. On the upside, resistance is observed near 656, and the stock must break above this level for any bullish momentum to take hold. Traders should watch for volume trends and potential reversals at key support levels, but the overall outlook remains cautious in the short to medium term.