Sanghi Industries Limited (SANGHIIND) Stock - Complete Technical Analysis - Sep 12, 2024

Sanghi Industries Ltd (SANGHIIND) Stock Analysis Key Support and 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.

Sanghi Industries Limited (SANGHIIND) is currently trading at 87.38, reflecting a sharp decline of 43.99% from its 52-week high of 156.0. However, it's sitting just 5.40% above its 52-week low of 82.9, indicating some support around this level. The technical indicators suggest a weak trend with the ADX showing a low value, indicating a lack of strong directional movement. The RSI indicates that the stock is near the oversold zone, which could potentially attract buying interest in the near term.

The MACD is in bearish territory, signaling negative momentum, while the Awesome Oscillator and Momentum indicators also point to continued weakness. The Commodity Channel Index (CCI) and Williams Percent Range both indicate an oversold condition, which could lead to a rebound if buying pressure emerges.

The stock is trading below key moving averages, such as the 10, 20, and 50-day Exponential and Simple Moving Averages, indicating a bearish sentiment in the short and medium term. With the stock currently near its 52-week low, further downside may be limited, but it would need to break through its resistance levels to initiate any sustained upward movement. Immediate resistance is likely to be encountered around the 90-93 range, with stronger resistance beyond that around 99-104. On the downside, support is seen around 83-86 levels, and a break below these levels could lead to further declines.

Chart patterns also show an inside candle pattern, suggesting a period of consolidation. Traders should watch for a breakout from this range to confirm the next direction. If the stock breaks above the parent candle's high of 91.4, it could signal bullish momentum, but if it breaks below 85.74, it might trigger a downward move.

Overall, traders may want to watch the support and resistance levels closely and look for signs of a trend reversal before making any significant moves.