Shoppers Stop Limited (SHOPERSTOP) Stock - Complete Technical Analysis - Dec 02, 2024
Shoppers Stop Stock Analysis Support, Resistance & Key Insights SHOPERSTOP Technical Breakdown
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. Shoppers Stop Limited (SHOPERSTOP) stock, trading at 609.90, shows signs of consolidation following a drop from its 52-week high of 943.4. The stock has recently tested its support levels at 594-595, which is a key area to watch. If the stock holds above this support, there may be a short-term rebound. Immediate resistance is found around 615-620, with further resistance near 630-635.
Technical indicators are offering mixed signals. The RSI is in the oversold region, suggesting the possibility of a rebound. The MACD, however, remains in the negative zone, indicating bearish momentum. The Stochastic RSI hints at a potential short-term recovery. The presence of a Bullish Harami pattern also suggests the possibility of a reversal if the stock breaks above resistance.
Investors and traders should remain cautious, with a focus on risk management. A sustained move above 615 could signal further upside, while a break below the 594 support could lead to more downside pressure.
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