Concord Biotech Limited (CONCORDBIO) Stock - Complete Technical Analysis - Dec 16, 2024

Concord Biotech Technical Analysis: Key Support & Resistance Levels You Need to Watch

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. Concord Biotech Limited (CONCORDBIO) is showing both strength and caution at its current price of 2,111. Trading 20.74% below its 52-week high of 2,664, it reflects some downside after its peak. The stock's performance has been solid, with a P/E ratio of 67.2, a book value of 152, and strong fundamentals, shown by its ROCE of 27.9% and ROE of 20.9%. This signals that despite the high valuation, the company is performing well operationally.

Technically, the stock is in a neutral phase with the RSI at 55.4, indicating no immediate overbought or oversold conditions. The Stochastic Oscillator at 67.39% supports this, suggesting consolidation. The MACD and Awesome Oscillator readings confirm bullish momentum, though the ATR levels indicate volatility, with recent fluctuations between 60-80. This implies that the stock could continue to experience price swings.

Concord Biotech is currently testing its support at 2,095. If the price holds above this level, the stock could target its resistance at 2,250, with the potential for a further move towards 2,372.5. On the other hand, if the price breaks below 2,095, there could be more significant downside risk. Traders should watch these levels closely. The stock's EMA and short-term momentum suggest it remains in an uptrend, but any price drop below 2,095 would indicate a possible reversal, warranting caution.