Mangalore Refinery and Petrochemicals Limited (MRPL) Stock - Complete Technical Analysis - Nov 28, 2024

Mangalore Refinery Stock Analysis: Key Support, Resistance & Trends MRPL Technical Review

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. Analyzing Mangalore Refinery and Petrochemicals Limited (MRPL) in detail, we find that the stock is currently trading at 154.55, which is significantly lower than its 52-week high of 289.25, indicating that the stock has faced considerable downward pressure in the past year. However, it is still above its 52-week low of 118.8, showing some resilience in recent months.

Resistance for MRPL is observed in the 158-160 range, which has acted as a barrier in recent trading sessions, while support levels are found at 152.30 and 146.00. If the stock fails to break through the 158-160 resistance, a pullback is likely. Conversely, if it holds above 146.00, it may suggest stabilization or a potential rebound.

The technical indicators are indicating a neutral-to-bearish outlook. The Average Directional Index (ADX) at 21.7 suggests that the current trend lacks strength. The RSI at 47.11 shows that MRPL is neither overbought nor oversold but is in the neutral zone, signifying a potential for either an upward or downward move.

Momentum indicators like the MACD and Awesome Oscillator are pointing toward bearishness, with the MACD showing negative divergence. This implies potential further weakness in the short term. The Williams Percent Range also suggests room for a downward reversal.

The stock is trading below key moving averages, including the 200-day and 50-day averages, which indicates that MRPL is in a longer-term bearish trend. The 50-day moving average is acting as a resistance, and unless the stock moves above it, the bearish sentiment may continue.

Regarding volatility, the ATR of around 7.08 reflects moderate price movement in recent days, and traders should account for this while making their trading decisions.

In summary, MRPL is testing critical support and resistance levels, with bearish momentum indicators signaling that further downside risk is a possibility. Traders should closely monitor these key levels and be cautious of price reversals.