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Styrenix Performance Materials Limited (STYRENIX) Stock - Complete Technical Analysis - Sep 12, 2024
"STYRENIX Stock Analysis: Key Levels & Reversal Signals NSE Stock Insights September 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. Styrenix Performance Materials Limited (STYRENIX) is currently trading at 2,462. The stock shows some intriguing technical indicators and chart patterns. The Average Directional Index (ADX) is relatively low, indicating weak trend strength. The RSI is in the oversold zone, suggesting potential buying opportunities if the stock turns around. The Stochastic %K and Stochastic RSI are at very low levels, reinforcing the oversold condition. The MACD is below the signal line, pointing to bearish momentum, while the Awesome Oscillator and Commodity Channel Index are also indicating a bearish trend.
Looking at moving averages, the stock is trading below both its 10-day and 20-day EMAs and SMAs, which are generally bearish signals. However, the stock price is currently around the Hull Moving Average, which could act as a support level. Classic Pivot Points suggest that immediate support lies around 2,452, while resistance is at 2,856. The Camarilla and Fibonacci Pivots also show similar support and resistance levels.
The stock is significantly above its 52-week low but is trading 14.52% below its 52-week high, indicating a retracement from the recent peak. An Inside Candle pattern has formed, suggesting that there might be consolidation or a reversal in the near term.
Overall, STYRENIX is showing signs of a potential reversal or consolidation phase, with key support around the current price level and resistance not too far away. Traders should watch for a breakout above resistance or a bounce from the support level for potential trading opportunities.
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