Manorama Industries Limited (MANORAMA) Stock - Complete Technical Analysis - Dec 06, 2024

Manorama Industries Limited Technical Analysis Support & Resistance Levels December 2024

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. Manorama Industries Limited (MANORAMA) is currently trading around 1,183, below its 52-week high of 1,250, reflecting a slight correction. The stock has been showing some price fluctuations between 1,170 and 1,211 over the last few days, indicating volatility. The Relative Strength Index (RSI) is at 66.68, signaling that the stock is approaching overbought conditions, while the MACD is still bullish with a positive reading of 61.71, confirming strong upward momentum.

The stock has been relatively volatile, with an Average True Range (ATR) consistently above 60, reflecting sharp intraday price movements. The Awesome Oscillator is showing bullish momentum at 139.15, and the Stochastic RSI indicates the potential for a short-term overbought condition, pointing to possible price consolidation or a minor pullback before continuing the uptrend.

Key levels to watch include the support at 1,170 and resistance at 1,298. If the stock breaks below 1,170, further downside risk exists, potentially testing 1,150. However, if it holds above this level, the stock may resume its upward movement toward resistance levels. The Average Directional Index (ADX) at 50.17 confirms a strong trend in the stocks favor. Traders should remain cautious, as the stock is near overbought territory and could face a short-term reversal. Still, the longer-term trend remains bullish if the key support levels hold.