Dodla Dairy Limited (DODLA) Stock - Complete Technical Analysis - Sep 10, 2024

Dodla Dairy (DODLA) Stock Analysis: Key Support & Resistance Levels for September 2024

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. Let's dive into the technical analysis for Dodla Dairy Limited (DODLA), starting with the current price which stands at 1,298. The stock is currently trading about 3.54% below its 52-week high of 1,346.1, achieved on July 22, 2024. Meanwhile, it is trading approximately 99.38% above its 52-week low of 651.25 from October 23, 2023.

Support and Resistance Levels:

Immediate Support: The stock shows strong support around the 1,183.78 level, with additional support found near the 1,091.12 mark.

Immediate Resistance: Resistance is likely to be encountered at around 1,331.28, with further resistance at 1,386.12.

Technical Indicators and Observations:

Moving Averages: The stock is currently trading above its short-term moving averages (MA), including the 10-day, 20-day, and 30-day MAs, suggesting a positive short-term trend. The long-term MAs, such as the 100-day and 200-day, indicate that the stock has shown strong historical performance.

MACD: The MACD is currently positive, suggesting a bullish momentum.

RSI: The RSI is near 64.6, indicating that the stock is approaching overbought conditions, but it is not yet in the overbought zone.

ADX: The ADX is at 34.7, showing a strong trend, which implies that the current uptrend may continue.

Stochastic Oscillator: The Stochastic %K is around 44.8, indicating that the stock is in a neutral range.

Commodity Channel Index (CCI): With a CCI of 217.5, the stock is in an overbought condition, which might suggest a pullback could be on the horizon.

Ichimoku Base Line: The Ichimoku Base Line is at 1,227.97, providing additional support.

Pivot Points: Classic, Fibonacci, Camarilla, and Woodie pivot points all align closely around the 1,238.62 level, reinforcing its significance as a pivot.

Chart Patterns:

Inside Candle Pattern: Observed on July 22, 2024, where the stock traded within a range of 1,143.4 to 1,346.1. This pattern suggests consolidation and could precede further price action based on market sentiment.

In summary, DODLA stock shows a strong uptrend with positive momentum indicators. However, given its current RSI and CCI levels, traders should be cautious of potential short-term pullbacks. Key support is at 1,183.78 and resistance is at 1,331.28. Monitoring these levels along with trend indicators will be crucial for making informed trading decisions.