Shilpa Medicare Limited (SHILPAMED) Stock - Complete Technical Analysis - Sep 11, 2024

Shilpa Medicare Stock Analysis: Bullish Trends & Key Levels Partha Kuchana

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. Welcome to today's technical analysis of Shilpa Medicare Limited (SHILPAMED). The stock is currently trading at 875.45, which is just 2.28% below its 52-week high and a remarkable 194.96% above its 52-week low.

Support and Resistance Levels: Key support levels are identified around 740.43 and 682.97, while major resistance levels are at 882.33 and 1024.23. These levels are crucial for setting entry and exit points.

Technical Indicators Overview:

MACD: The MACD line indicates strong bullish momentum.

RSI: At 76.2, RSI shows the stock is nearing overbought conditions.

ADX: A high ADX reading suggests a strong trend is in place.

Stochastic Oscillator: Both the Stochastic %K and Stochastic RSI are in overbought territory, pointing to a potential pullback.

CCI: A high CCI value reflects strong momentum.

Awesome Oscillator: The positive reading supports ongoing bullish trends.

Williams %R: Indicates the stock is close to overbought conditions.

Moving Averages:

Short-term EMAs: The 10-day EMA is at 810.79, and the stock is trading above this, suggesting bullish sentiment.

Long-term EMAs: The 200-day EMA at 543.11 confirms the overall uptrend.

Simple Moving Averages: The 50-day SMA is at 698.99, which supports the stock's bullish trajectory.

Chart Patterns and Observations: The "Three White Soldiers" pattern indicates a strong bullish continuation. The stock has shown significant upward momentum with recent highs surpassing previous levels.

Average True Range (ATR): The ATR values indicate increased volatility, which suggests that price fluctuations are significant and traders should be prepared for potential swings.

In summary, SHILPAMED shows robust bullish momentum with strong technical indicators supporting an uptrend. However, with the RSI and Stochastic Oscillator in overbought territory, traders should watch for potential corrections. The support and resistance levels provide crucial points for making informed trading decisions.