Butterfly Gandhimathi Appliances Limited (BUTTERFLY) Stock - Complete Technical Analysis - Dec 09, 2024

Butterfly Gandhimathi Appliances Limited Stock Technical Analysis - December 2024 Support, Resist

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 a detailed technical analysis of Butterfly Gandhimathi Appliances Limited (BUTTERFLY). The stock, currently trading at 814, is far from its 52-week high of 1250, highlighting the potential for significant upside if it reverses its current trend. However, recent price action suggests some consolidation. The stock tested the 800 level multiple times over the last week and found support at 800-810, indicating this as an important level for traders to monitor. On the upside, resistance can be found in the 830-835 range, which has capped price advances in recent sessions.

Looking at technical indicators, the stock is under pressure with its price trading below the key Exponential Moving Averages (EMA) for shorter periods (10, 20, 30, and 50), indicating a bearish sentiment. The MACD remains negative, reflecting weak momentum, while the RSI is neutral, showing no overbought or oversold conditions. The Average Directional Index (ADX) is also low, signaling a lack of strong trend direction, which suggests that Butterfly may experience choppy price movements in the near future.

For traders, key support lies at 800-810, while resistance levels are evident at 830-835. A break below the 800 level could lead to further downside, testing the 765-770 region. A strong push above 835 could point towards a retest of the 100-day EMA at 874. The stock is currently in a range-bound market, so watching for a breakout or breakdown is essential for anyone looking to trade this stock.