EID Parry India Limited (EIDPARRY) Stock - Complete Technical Analysis - Dec 17, 2024

EID Parry India Limited Stock Analysis Technical Insights & Key Levels EIDPARRY Price Action Rev

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. EID Parry India Limited (EIDPARRY) is currently trading at 920.65, just under 5% from its 52-week high of 969, and 72.88% above its 52-week low of 532.55. The recent price action shows a tight trading range, with the latest close at 920.65 after reaching a high of 939.65, which indicates the stock is nearing a critical resistance zone around 940. With an ADX of 28.54, the stock is in a moderately strong trend, suggesting that the bullish momentum is intact. However, the RSI at 61.6 and Stochastic %K at 77.97 indicate that the stock is nearing overbought levels and may see a short-term pullback.

The MACD is still bullish, with the line above the signal line, confirming the continuation of the positive trend. The stock's price is also well above its moving averages, indicating strength in the uptrend. The 10-day EMA stands at 910.79, and the 50-day EMA is at 849.93, which aligns with an upward trajectory. However, the Hull Moving Average at 940.17 coincides with the key resistance level, hinting at a possible pause or reversal around this price level.

The ATR has been rising, suggesting increased volatility in the stock, and traders should prepare for potential price swings. Classic Pivot points show support at 833.45, while resistance is seen near 918 and 979.75. Watch for a break above 940 for a potential continuation toward the 52-week high, but a drop below 918 could signal a reversal and indicate a shift toward the lower support levels.

In summary, EID Parry India Limited shows solid growth potential, but traders should be vigilant for any signs of reversal as the stock approaches key resistance. Keep an eye on key support levels and be ready for potential volatility.