Paradeep Phosphates Limited (PARADEEP) Stock - Complete Technical Analysis - Nov 14, 2024

Paradeep Phosphates Stock Analysis: Key Support & Resistance Levels Technical Indicators Breakdow

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. Let's dive deep into the technical analysis of Paradeep Phosphates Limited's stock (PARADEEP). Currently priced at 104.27, the stock is approximately 12.78% below its 52-week high and 68.31% above its 52-week low.

For traders, the key support levels to watch are between 101.95 and 103.50, which has acted as a base in recent trading. Any movement below these levels could indicate further downside risk. On the resistance front, the stock faces immediate resistance around 107.75 to 110.50, levels where the price has struggled to stay above recently. A breakout above these resistance zones could signal a move higher.

Analyzing the momentum indicators, the Average Directional Index (ADX) is hovering near 29, showing moderate trend strength. The RSI value of 57.39 suggests neutral conditions, providing a balance between buying and selling pressures. The MACD remains positive, suggesting potential for upward movement, but traders should be cautious of narrowing momentum as the stock approaches key resistance levels.

The Stochastic RSI reading of 45.11 confirms that the stock is neither overbought nor oversold, suggesting the potential for consolidation before any major price action. Meanwhile, the Commodity Channel Index (CCI) at 51.6 supports a neutral to positive outlook for the stock.

Looking at moving averages, the stock is positioned above both the 10-day and 20-day Exponential Moving Averages (EMAs), signaling short-term bullish sentiment. The long-term 200-day EMA at 82.91 remains a critical support level to monitor for any potential long-term reversal.

Additionally, the recent appearance of a bearish engulfing pattern indicates possible weakness in the near term, so traders should be cautious of potential reversals. The ATR of 3.32 suggests moderate volatility, so expect fluctuations within the current trading range.

Overall, while Paradeep Phosphates Limited is showing bullish short-term momentum, traders should keep a close eye on the key support and resistance levels for potential breakout or breakdown opportunities.