Shree Renuka Sugars Limited (RENUKA) Stock - Complete Technical Analysis - Dec 02, 2024

Shree Renuka Sugars Stock Analysis Technical Indicators & Key Levels RENUKA NSE

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. Shree Renuka Sugars Limited (RENUKA) is trading at 42.97, and the stock has recently been hovering in a tight range between 42.1 and 43.45, suggesting some indecision in the market. The stock is currently trading 23.95% below its 52-week high and 17.56% above its 52-week low. This price action points to a consolidation phase, with no clear trend in the immediate short-term.

The technical indicators suggest a balanced outlook. The RSI of 53.27 indicates that the stock is not overbought, while the ADX of 31.04 indicates a moderate trend strength, suggesting that the market is in a phase of indecision. Additionally, the recent candle patterns like Doji and Spinning Top reflect uncertainty among traders, which could lead to a breakout or breakdown in the coming days.

In terms of moving averages, the stock is currently trading near its 10-day EMA (41.76), which is acting as short-term support. A price above this level is considered bullish, and a break of the 43.45 level could trigger upward momentum towards the next resistance level. However, if the price falls below 42.1, there could be a potential for further downside, with 40 being a critical support level.

For traders, the key levels to watch are the resistance at 43.45 and support at 42.1. Given the current volatility and ATR levels, caution is advised, and a breakout above the 43.45 resistance could signal a potential rally. Conversely, a breakdown below 42.1 could lead to a retest of lower support levels.