Tasty Bite Eatables Limited (TASTYBITE) Stock - Complete Technical Analysis - Dec 05, 2024

Tasty Bite Eatables (TASTYBITE) Stock Analysis: Support, Resistance & Key Indicators December 202

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. In analyzing Tasty Bite Eatables Limited (TASTYBITE), let's dive deeper into its technical indicators, chart patterns, and price action.

Current Price vs. Historical Highs and Lows: As of now, TASTYBITE is trading at 10,713.65, which is about 30.87% below its 52-week high of 15,498. This significant drop points to an extended downtrend since reaching its peak earlier this year. However, it's important to note that the stock is 17.73% above its 52-week low of 9,100, which may suggest some stabilization or support forming at lower levels.

Support and Resistance Analysis:

Support: The immediate support level is near 10,000, backed by the classic and Fibonacci pivot points. Additionally, the Woodie pivot S2 at 9,201.99 may act as a secondary level of support.

Resistance: The resistance level is near 11,000, which corresponds to the 20-day exponential moving average (EMA). A breakout above this could signal a bullish move toward 12,000 or higher.

Moving Averages:

The stock is currently trading below all major moving averages, including the 50, 100, and 200-day EMAs. This suggests that the short-term and long-term momentum is bearish. The 200-day EMA at 12,121.96 is a significant resistance point, making it a key level for any potential recovery.

Momentum and Trend Indicators:

The RSI is in the oversold region, signaling that the stock might be undervalued in the short term.

MACD is currently negative, indicating a bearish trend. However, should the stock experience a reversal, a crossover above the signal line would be a positive signal.

The ADX is high at 41.65, reflecting a strong trend but suggesting that the downward pressure could continue unless there is a breakout.

Recent Price Action and Volume: The stock has been volatile in the past week, with fluctuating highs and lows. It opened on Dec 5 at 10,850, touched a low of 10,680, and closed at 10,713.65. This shows a relatively tight range in the last few sessions, signaling consolidation. Volume indicators can help us assess any change in momentum during price breakouts.

Price Gaps and Volatility: The volatility, indicated by the ATR, shows that the stock is likely to remain volatile. The ATR levels have been fluctuating significantly, signaling sharp moves both up and down. While there are no immediate price gaps, should the stock manage to break resistance, we could see a surge in price.

Outlook: Overall, the stock is currently in a correction phase after a significant decline. The support zones at 10,000 and 9,337 should be monitored closely, as a breakdown below these levels could signal a further downside. However, if TASTYBITE manages to break above 11,000, it could lead to a potential upside, with the next major resistance at 12,000.