Maan Aluminium Limited (MAANALU) Stock - Complete Technical Analysis - Dec 11, 2024

Maan Aluminium (MAANALU) Stock Technical Analysis: Key Support & Resistance Levels Uncovered

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. Maan Aluminium Limited (MAANALU) Stock Technical Overview

The stock of Maan Aluminium (MAANALU) is currently trading at 143, significantly off its 52-week high of 259.5, which occurred earlier this year. It is also well above its 52-week low of 111.4, suggesting recent recovery from its lows. However, technical indicators point to a potentially bearish outlook in the short term.

The RSI is currently at 37, indicating that the stock is approaching oversold conditions, which could signal a reversal or further decline. On the other hand, the Stochastic RSI is at an elevated level, suggesting that the stock could be overbought in the short term, signaling a potential pullback. The MACD is negative, confirming a bearish trend and indicating that the stock might continue its downtrend unless there is a reversal of momentum.

Looking at the moving averages, the 10-day EMA of 144.88 is close to the current price of 143, acting as a nearby resistance level. If the price breaks above this, the next resistance comes at the 200-day EMA, which is at 149.92. However, the stock has recently struggled to break through these levels, and the 50-day and 100-day moving averages remain much higher, suggesting that the longer-term trend is still bearish.

The stock has been volatile recently, with significant daily price movements observed in the last five trading days, showing both surges and drops. The average true range (ATR) highlights this volatility, suggesting that traders should expect continued price swings. The stocks support is near 143, and if it falls below this level, the next support could be near 120-130.

Actionable Insights: Traders should watch the resistance levels around 144-149. If these levels hold, there could be a further decline to support levels. Conversely, a break above 149 could signal a possible trend reversal, and traders could look for long positions.

Key Takeaway: Watch for a breakout above 144 for potential upside, but be cautious if the stock approaches support levels. Given the current market sentiment and volatility, there is a strong possibility of price fluctuations in both directions.