ICRA Limited (ICRA) Stock - Complete Technical Analysis - Nov 22, 2024

ICRA Stock Technical Analysis: Key Support, Resistance & Trends to Watch

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. ICRA Limited (ICRA) is showing mixed signals on its technical chart as it trades at 6,332, about 18% off from its 52-week high of 7,735.4 and 27% higher than its 52-week low of 4,983.4. The stock is facing resistance near the 6,645 level, which was its recent high in November 2024, while the support is found around 6,162, marking the low of the recent session on November 22, 2024. The Average True Range (ATR) is relatively high, indicating strong volatility and potential for sudden price movements.

Looking at the technical indicators, we can see that the Relative Strength Index (RSI) is at 36.29, signaling that the stock is nearing oversold conditions, potentially setting up for a short-term rebound. However, the MACD is still in negative territory, showing that bearish momentum is present in the stock. The stocks price is also trading below most key moving averages, including the 10-day and 20-day EMAs, which suggests that the bearish trend is likely to persist unless the stock breaks above these levels.

The Average Directional Index (ADX) at 29.54 indicates a moderately strong trend, but the lack of a clear directional bias makes it challenging for investors to position for long-term growth at this point. With volatility high, traders should keep an eye on short-term price fluctuations. If the stock holds above 6,162 and breaks through resistance at 6,645, it could signal a reversal towards higher levels. On the downside, a break below 6,162 could signal further weakness towards lower support levels near 5,970 or 5,000. Therefore, this stock could offer short-term trading opportunities depending on how it behaves around these key levels.