SRF Limited (SRF) Stock - Complete Technical Analysis - Nov 19, 2024

SRF Limited (SRF) Stock Technical Analysis Bullish Reversal or Further Decline

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.

SRF Limited (SRF) Stock In-Depth Technical Analysis and Market Outlook

Price Movement Overview:

SRF stock is trading at 2,199.50, which is significantly below its 52-week high of 2,693.95. The recent downward price movement has shown multiple levels of support and resistance.

Support and Resistance:

- Immediate Support: 2,185.00 and 2,093.27 (Classic Pivot S1)

- Immediate Resistance: 2,238.00 (Yesterday's Open) and 2,446.27 (Classic Pivot R1)

Price Trend and Pattern Analysis:

A Bullish Harami pattern formed between Nov 18 and Nov 19, suggesting a reversal in the recent downtrend. The stock is showing a potential for upward movement, but confirmation is needed. A bounce off support at 2,185.00 could set SRF on a path to test resistance levels near 2,238.00 and beyond.

Indicators and Moving Averages:

- MACD is currently showing negative momentum, indicating a bearish outlook, but the stock is approaching the oversold region, which could trigger a potential bounce.

- RSI is at 40.95, which is relatively low, suggesting that the stock might be undervalued, and a potential reversal is on the horizon.

- ADX at 28.9 signals moderate strength in the trend, but not enough to indicate a clear direction.

- Stochastic RSI is at 12.52, confirming the oversold condition, which is bullish in the short term.

Pivot Points and Fibonacci Levels:

- Classic Pivot: 2,296.38

- Fibonacci Pivot: 2,296.38

- Woodie Pivot: 2,283.07

These levels act as potential reversal points. If SRF breaks above these, a bullish trend could develop.

Conclusion:

SRF is under pressure, with a price drop of 18.35% from its 52-week high, but the recent bullish harami pattern indicates a possible upward move. Watch for confirmation at the 2,238.00 and 2,446.00 levels. A drop below 2,185.00 could signal further downside.