Imagicaaworld Entertainment Limited (IMAGICAA) Stock - Complete Technical Analysis - Dec 05, 2024

Imagicaaworld Entertainment Stock Analysis Support, Resistance & Key Levels Technical Indicators

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. Imagicaaworld Entertainment Limited (IMAGICAA) is currently trading at 73.6, showing a significant decline of 28.75% from its 52-week high of 103.25. On the positive side, the stock has bounced 42.16% off its 52-week low of 51.75, showing recovery potential. However, the technical indicators paint a somewhat bearish picture in the near term.

The Relative Strength Index (RSI) is sitting near the neutral 47, signaling indecisiveness, while the Average Directional Index (ADX) suggests weak trend strength at 18.79. The Stochastic RSI, on the other hand, is at 91.43, suggesting the stock is in an overbought region, which may be a cautionary sign for traders looking for an immediate buy.

A closer look at the chart reveals a Bearish Engulfing pattern, followed by an Evening Star formation, both indicative of a potential reversal or decline in the stock price. The price has been moving in a narrow range between 75.7 and 73.2, with 73.6 currently sitting below the 10-day and 20-day moving averages. This suggests a bearish trend in the short term, and further downside could materialize if the support around 73 breaks. The ATR (Average True Range) is also increasing, reflecting higher volatility in the stock.

For traders, the key levels to watch are 73 and 72 for support and 75.7 for resistance. If the stock breaks below support, it may move toward lower levels near 70. If resistance breaks, the stock could revisit higher levels above 80. Given the current technical indicators, it would be wise for traders to exercise caution and wait for a clearer trend direction before committing to new positions.