Unichem Laboratories Limited (UNICHEMLAB) Stock - Complete Technical Analysis - Sep 11, 2024

Unichem Laboratories Stock Analysis: Bullish Trends & Key Levels to Watch NSE Technical Analysis

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. Let's dive into the technical analysis for Unichem Laboratories Limited (UNICHEMLAB) stock. Currently trading at 590, the stock is positioned 6.56% below its 52-week high of 631, which was reached on August 8, 2024. It is also 49.27% above its 52-week low of 395, recorded on September 13, 2023.

Technical Indicators:

MACD shows bullish momentum as it remains above the signal line.

RSI is around neutral levels, suggesting a balanced market but leaning towards potential overbought conditions.

Stochastic %K and Stochastic RSI are indicating that the stock is in an oversold territory, which could suggest a potential bounce or reversal.

ADX reflects a strong trend, which is supportive of current price movements.

Moving Averages:

Exponential Moving Averages (EMA) show that the short-term averages are above the longer-term averages, indicating a bullish trend. The current price is above most EMAs, signaling strength.

Simple Moving Averages (SMA) are also aligned positively with the stock trading above key SMAs, further supporting the bullish outlook.

Chart Patterns:

Inside Candle Pattern observed on September 10, 2024, indicates a potential consolidation phase. The stock traded within the range set by the parent high and low for the past two days, which could suggest either a breakout or a continuation of the current trend depending on future price action.

Support and Resistance Levels:

Key support levels to watch are near 538 and 497, which align with recent pivot points and historical lows.

Major resistance levels are around 625 and 672, which have been significant in the past and align with pivot highs.

Overall, Unichem Laboratories Limited is showing a bullish trend with strong support from technical indicators and moving averages. Traders should watch for potential breakouts above resistance levels or corrections towards support levels.