Mangalore Refinery and Petrochemicals Limited (MRPL) Stock - Complete Technical Analysis - Nov 19, 2024

MRPL Technical Analysis: Key Support, Resistance & Trend Insights for Traders Nov 2024

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. The technical analysis of Mangalore Refinery and Petrochemicals Limited (MRPL) stock highlights a current trading price of 148, significantly below its 52-week high of 289.25 and 32.06% above its 52-week low of 112.05. The stock has shown signs of recovery but remains within a range of resistance and support levels.

Over the last few days, MRPL has experienced notable volatility, with recent daily price movements such as a high of 155.38 on November 19, 2024, but closing lower at 147.97. This indicates a potential struggle around the 155-160 resistance zone, while key support levels are visible near 145-150.

The Average Directional Index (ADX) at 29.44 shows a strong trend phase, but the RSI at 37.86 suggests the stock is in the oversold zone, signaling a possible price rebound. A negative MACD reinforces bearish momentum, though an upward cross could indicate an early bullish signal.

Key resistance lies between 155 and 160, with a major breakout zone near the 182 levels for both the 200-period EMA and SMA. A breach of this level could set the stage for a larger move upwards.

For traders, close attention should be given to volume, momentum indicators like the MACD, and the ADX to gauge trend strength. Support near 145-150 is crucial, and if the stock shows signs of rebounding from these levels, it could present a good entry point.