Imagicaaworld Entertainment Limited (IMAGICAA) Stock - Complete Technical Analysis - Nov 14, 2024

Imagicaaworld Entertainment Stock Analysis IMAGICAA Technical Indicators & Market Trends NSE Sto

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. Imagicaaworld Entertainment Limited (IMAGICAA) is currently trading at 70.61, showing a steep 31.61% drop from its 52-week high of 103.25. Recently, the stock has seen a bearish trend, marked by lower highs and lower lows. On November 14th, it dropped from 72.4 to 70, closing at 70.61, further confirming the downtrend.

Looking at the technical indicators, the stock's RSI stands at 33.53, indicating it is approaching oversold conditions. The ADX at 29.25 suggests that the bearish trend is strong. The Stochastic %K and RSI also confirm the oversold conditions, indicating a potential reversal if buying pressure returns.

However, resistance is found around 75-77, with the price struggling to break through these levels. The current support is near 70, and a fall below this level could signal further downside, potentially targeting the 52-week low near 49.4. The price is currently below key EMAs, and the stock needs to break through resistance for a bullish reversal.

The ATR value is high, indicating strong volatility, which means the stock could see rapid price changes in either direction. Traders should be cautious and wait for a confirmation of a reversal before considering long positions. If the stock breaks above resistance at 77.4, a rally could be possible, but risk management is key given the volatility.