Apcotex Industries Limited (APCOTEXIND) Stock - Complete Technical Analysis - Aug 30, 2024

Apcotex Industries Stock Analysis: Key Support

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. Apcotex Industries Limited (APCOTEXIND) is currently trading at 465, reflecting a -17.51% drop from its 52-week high of 563.35 and a 21.33% rise from its 52-week low of 383. The stock shows a mixed technical outlook. The Relative Strength Index (RSI) stands at 61.32, indicating that the stock is approaching overbought territory, yet it still has some upward momentum. The MACD is above the signal line, signaling a bullish trend, while the ADX at 16.78 suggests a weak trend strength. The Awesome Oscillator and Momentum indicators further confirm bullish momentum, though the Stochastic RSI, which is high at 82.87, hints at potential overbought conditions.

The stock is trading near its Hull Moving Average (HMA) of 465.12, which aligns with the current price, indicating indecision in the market. The Exponential Moving Averages (EMAs) are positioned well below the current price, with the 10-day EMA at 447.5 acting as immediate support, while the 200-day EMA at 455.55 could provide a stronger support level if the price declines. The Simple Moving Averages (SMAs) are similarly aligned, with the 200-day SMA at 461.32, which will serve as a crucial support level.

In terms of pivot levels, the stock faces immediate resistance at the Classic Pivot R1 of 495.43, with further resistance at 527.22. On the downside, the stock could find support around 426.43 at the Classic Pivot S1. The recent Inverted Hammer pattern indicates a potential bullish reversal, but given the stock's current price action, this signal may be less reliable.

In summary, while the stock shows bullish signs with momentum indicators like the MACD and Awesome Oscillator, caution is advised due to overbought signals from the RSI and Stochastic RSI. Traders should watch the resistance at 495.43 and the support at 455.55 to gauge the stock's next move.