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.
AstraZeneca Pharma India Limited (ASTRAZEN) is navigating a bearish phase, trading at 6305.45, substantially below key EMA and SMA levels. A Bearish Engulfing candlestick pattern underlines the downward trend, with an RSI reading near 31 suggesting oversold conditions. ADX values indicate weak directional strength, supported by bearish MACD signals.
The price action has shown recent sharp declines, with significant support observed at 6200. If breached, the next support level could extend towards 6000. Resistance clusters around 6500, coinciding with prior highs and moving averages. Volatility, as highlighted by the ATR, remains high, implying potential sharp price swings.
Technical patterns and indicators point to sustained selling pressure, although long-term investors may find value based on strong ROCE and ROE figures. Traders should closely monitor key support levels and wait for a clear trend reversal, with a breakout above 6500 signaling a bullish recovery.
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