Data Patterns (India) Limited (DATAPATTNS) Stock - Complete Technical Analysis - Nov 29, 2024

Data Patterns (India) Stock Analysis: Key Support & Resistance Levels Explained

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. The current price of Data Patterns (India) Limited stands at 2,503, still significantly below its 52-week high of 3,655. This indicates some room for upward movement if the market sentiment turns favorable. The recent price action shows some volatility, with highs and lows in close proximity, suggesting consolidation. The stock is currently supported by the 10-period exponential moving average at 2,371 and faces resistance near 2,533 from the 200-period EMA.

Technical indicators like the MACD are showing a bullish signal, but the stock is in the overbought zone on the Stochastic RSI. The RSI, sitting at 61, suggests neutral conditions without any extreme push towards overbought or oversold territory. This indicates potential for further price swings within the current range.

ADX, measuring trend strength, is at a relatively weak level of 17.81, indicating that there is no strong trend at this moment. This suggests that traders should watch for a breakout or breakdown, depending on the stocks ability to move beyond key support and resistance levels. Traders could use the pivot levels around 2,361 as a key reference point. A drop below this level could send the stock toward the next support at 2,300, while a move above 2,533 could trigger a fresh rally towards 2,600.