Manorama Industries Limited (MANORAMA) Stock - Complete Technical Analysis - Nov 26, 2024

Manorama Industries Technical Analysis: Key Support & Resistance Levels for November 2024 Stock A

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. Manorama Industries Limited (MANORAMA) is showing significant growth, trading at 1,193, just below its 52-week high of 1,209.25. The stock has gained a remarkable 295.67% from its 52-week low of 301.55, indicating strong recovery and bullish sentiment. The P/E ratio of 118 suggests the stock could be overvalued, but its fundamentals like ROCE of 13.4% and ROE of 12.6% support long-term potential.

Technically, the stock is in a clear uptrend. The MACD and Momentum indicators reflect a continued bullish move. However, with the RSI at 72 and the Stochastic Oscillator at 82.12, the stock is entering overbought territory. This might imply a short-term pullback or consolidation. The ADX at 43.5 confirms that the trend remains strong, and the Awesome Oscillator points to ongoing buying pressure.

Price action shows that the stock has recently surged from 1,032 to 1,193 in just a few days, demonstrating its volatility. The ATR above 60 further emphasizes that traders should expect some price swings. The key support level is at 1,080, and resistance is near 1,209. A breakout above 1,209 could signal further upside, but be cautious of any price corrections.

Overall, the stock is in an uptrend, but overbought indicators and high volatility mean traders should be prepared for potential price corrections. A close watch on key support and resistance levels is essential for timing trades.