Mangalore Refinery and Petrochemicals Limited (MRPL) Stock - Complete Technical Analysis - Dec 13, 2024

Mangalore Refinery Stock Analysis: MRPL Price Outlook and Key Levels (Dec 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.

Mangalore Refinery and Petrochemicals Limited (MRPL) is currently priced at 149.40, which marks a significant drop from its 52-week high of 289.25. The stock has been facing challenges recently with a series of lower highs, making traders wary of further downside. The RSI is at 40, suggesting neutral momentum, and the Stochastic RSI indicates oversold conditions, which could point to potential buying opportunities if momentum shifts.

Looking at the recent candlestick pattern, we observe a Spinning Top, which shows indecision in the market, indicating that the price could either reverse or continue moving sideways. The stock is trading below key exponential moving averages, including the 50-day and 100-day, which are typically seen as bearish signals in the short term.

However, the stock's strong fundamentals, including a high ROE of 32% and an attractive dividend yield, could provide a cushion against further price declines, making MRPL a strong candidate for long-term investors. Support levels around 141.57 and 128.59 could offer a buying opportunity, with a potential price reversal at these levels if buying interest picks up.

For traders, it is essential to watch for confirmation of a trend reversal, particularly if the stock breaks above the 157 mark, signaling potential upside. If the price falls below 141, further downside risks could be on the horizon. Stay patient and watch for price action to guide your next move.