Ircon International Limited (IRCON) Stock - Complete Technical Analysis - Dec 16, 2024

Ircon International Stock Analysis: Key Support, Resistance & Price Action Outlook 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. In-Depth Technical Outlook for Ircon International Limited (IRCON):

Currently priced at 226, Ircon International (IRCON) shows a mixed technical outlook. The stock has retraced significantly from its 52-week high of 351.6, which it reached in July, to its current position, reflecting both correction and consolidation. The RSI, sitting at 57.91, suggests that the stock is neither overbought nor oversold, indicating a neutral phase. With the Stochastic RSI nearing 81, it is signaling overbought conditions, making short-term pullbacks likely.

Price action has been volatile, with the stock experiencing surges and drops over the past week. On December 13, it closed at 226.06 after reaching a high of 231.20 and a low of 223.23, reflecting intraday fluctuations. The 200-period Exponential Moving Average (EMA) at 225.05 is acting as support, with the next immediate resistance sitting around 230 and further resistance near 243. Momentum indicators like the Commodity Channel Index (CCI) at 77.7 support an upward move, but with caution, as the price may face stiff resistance at the higher levels.

The Average Directional Index (ADX) value of 25.69 suggests a weak trend. While this means the stock is not in a strong directional move, it indicates potential for a reversal or continuation of the current trend depending on how the price interacts with key support and resistance levels. A drop below 204 would signal further weakness, with potential testing of the 190 level. Conversely, holding above 230 and breaking through to 243 could indicate a bullish move.

The stocks volatility, reflected in its ATR, is above average, showing potential for further price swings. As of now, traders should look for confirmation of trend direction through price action. A break above 230 could signal a move toward 243, while a break below 204 may suggest further downside risks. Keep an eye on these levels for actionable insights.