Neogen Chemicals Limited (NEOGEN) Stock - Complete Technical Analysis - Nov 25, 2024

Neogen Chemicals Stock Analysis: Bearish Signals & Key Levels for Traders

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.

Neogen Chemicals Limited shows a bearish trend, with its current price at 1921.80, underperforming its key moving averages. A weak ADX indicates the trend lacks strong direction, while the bearish MACD and negative momentum underline selling pressure. The Stochastic RSI indicates oversold conditions, aligning with the stock's Williams Percent Range at -89, which highlights a bearish bias.

The stock recently formed an Evening Star pattern, suggesting a bearish reversal is in play. Immediate support is visible near 1900, a critical level to watch. Below this, 1800 emerges as a stronger support. On the upside, resistance near 2000 must be breached for bulls to regain control. The price is 63.42% above its 52-week low, highlighting potential for retracement if market sentiment improves. The volatility as indicated by ATR presents opportunities for both day traders and swing traders. A decisive breakout or breakdown in the coming sessions could guide future price direction.