Indian Renewable Energy Development Agency Limited (IREDA) Stock - Complete Technical Analysis - Nov 28, 2024

IREDA Stock Analysis: Support, Resistance, and Key Technical Insights

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. IREDA, trading at 208.41, is 32.77% off its 52-week high but shows a strong recovery from its 52-week low. The stock displays volatility, with notable resistance near 213-220 and support around 200.

The stock's short-term outlook suggests weakening momentum, as indicated by the negative MACD crossover. The RSI is neutral at 56.8, implying consolidation, while the Stochastic RSI points to overbought conditions, signaling possible short-term pressure. However, with an ADX of 39.4, the stock shows strong directional movement.

Key moving averages reveal that the stock is above short-term EMAs, suggesting bullish short-term momentum, but still below long-term averages, pointing to resistance levels that may slow upward movement.

The ATR signals heightened volatility, so active traders should be prepared for price swings. In short, the stock has potential for upward movement if it maintains support at 200 or breaks above 213. Be cautious of short-term overbought conditions while monitoring longer-term trends.