Bombay Super Hybrid Seeds Limited (BSHSL) Stock - Complete Technical Analysis - Aug 30, 2024

Bombay Super Hybrid Seeds Stock Analysis: Bearish Patterns and Key Support Levels BSHSL Update

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. Bombay Super Hybrid Seeds Limited (BSHSL) is currently trading at 193.91. The technical indicators suggest a mixed outlook for the stock.

Starting with the trend indicators, the Average Directional Index (ADX) is relatively low, indicating a weak trend. The MACD is in negative territory, suggesting bearish momentum. The Relative Strength Index (RSI) is in neutral territory, pointing to a lack of strong momentum in either direction. The Stochastic %K is also in neutral territory, indicating indecisiveness in the market.

In terms of moving averages, the stock is trading below its short-term Exponential Moving Averages (EMAs) but above its longer-term EMAs, which could indicate a short-term bearish trend while longer-term trends remain positive. The Simple Moving Averages (SMAs) follow a similar pattern.

Pivot points reveal significant levels: the Classic Pivot is at 203.76, with resistance levels at 218.14, 238.89, and 274.02, and support levels at 183.01, 168.63, and 133.5. The Camarilla Pivot suggests a similar central pivot level of 203.76, with immediate support at 194.18 and resistance at 207.06. The Fibonacci Pivot levels also align closely, indicating strong resistance around 217.18 and support around 190.34.

Chart patterns reveal that the stock is currently trading near its recent lows, with a bearish trend indicated by the Evening Star pattern and Bearish Engulfing pattern seen in recent candlestick formations. These patterns suggest potential for further decline in the short term.

The Average True Range (ATR) indicates relatively high volatility, with recent values suggesting significant fluctuations in stock price.

Overall, BSHSL is currently in a bearish phase with several technical indicators pointing to potential further downside. Traders should watch key support levels around 183.01 and 190.34. If the stock manages to break above resistance levels such as 218.14, it may signal a reversal in trend.