Suprajit Engineering Limited (SUPRAJIT) Stock - Complete Technical Analysis - Dec 19, 2024

Suprajit Engineering Stock Analysis Technical Insights, Support & Resistance Levels

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. Suprajit Engineering Limited (SUPRAJIT) stock has been showing interesting price movements, with the stock currently trading at 492.15. After reaching a 52-week high of 639.6, the stock has dropped by 23.05%, suggesting some weakness in the short term. With the RSI at 51.48, momentum is neutral, and the market is not showing strong buying or selling pressure. However, the presence of a Shooting Star candlestick on December 18th, followed by a close at 492.15, indicates the possibility of a bearish reversal. This pattern often signals that the stock could face downward pressure in the near term.

The MACD, however, is in a positive territory, suggesting potential bullish momentum. For traders, this presents a mixed picture. The stock is currently facing resistance near 499.00, and the next potential hurdle could be the 505-510 range. On the support side, the stock has held up well around 480-485, with stronger support at the 470 level. Traders should look for a break above 499.00 to target higher levels near 510, but any sustained move below 480 could signal further downside risk, potentially testing levels near 470 or even lower.

The stock's volatility, as indicated by the ATR, suggests that there is potential for significant price swings, making it attractive for short-term traders. Moving averages, such as the 10-day and 20-day exponential moving averages, indicate a neutral trend, while the Ichimoku Base Line (470) could provide further support if the stock falls. The recent Bullish Harami pattern is a sign of potential upward movement, but caution is needed as the bearish reversal pattern may weigh on the price action in the short term. Watch for key levels around 499.00 for potential upside and 480 for downside confirmation.