Solara Active Pharma Sciences Limited (SOLARA) Stock - Complete Technical Analysis - Sep 13, 2024

Solara Active Pharma Sciences Stock Analysis: Bullish Trends & Key Levels 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.

Solara Active Pharma Sciences Limited (SOLARA) is currently trading at 704, just 7.03% below its 52-week high of 757.2, achieved on August 26, 2024. This indicates a strong uptrend over the past year. The stock is 168.30% above its 52-week low of 262.39, which was recorded on November 1, 2023.

Technical Indicators:

MACD: The MACD is showing a positive momentum, suggesting the current trend is likely to continue.

RSI: The RSI is in the upper range, indicating that the stock is approaching overbought conditions, which might lead to a pullback or consolidation soon.

ADX: The ADX value signifies a strong trend, indicating that the current bullish trend is robust.

Stochastic Oscillator: The Stochastic %K is in the mid to high range, which aligns with the RSI's indication of strong momentum but also suggests caution.

CCI: The Commodity Channel Index is significantly high, which could imply that the stock is in an uptrend phase but may face resistance soon.

Moving Averages:

Short-Term (10, 20): The stock is trading above its short-term moving averages (10, 20), indicating a bullish trend.

Intermediate-Term (30, 50): The stock is above its intermediate-term moving averages (30, 50), further confirming the positive trend.

Long-Term (100, 200): The stock is comfortably above its long-term moving averages (100, 200), showing that the long-term trend is strongly bullish.

Chart Patterns and Support/Resistance:

Current Price vs. Moving Averages: The current price is above all major moving averages, which suggests a continuation of the bullish trend.

Support Levels: Key support levels are around 658.94 (Camarilla S3) and 511.75 (Fibonacci S2). If the stock falls, these levels may act as strong support.

Resistance Levels: Major resistance levels are found near 780.2 (Classic R1) and 854.35 (Fibonacci R2). The stock may face selling pressure around these levels.

Volatility:

ATR: The Average True Range shows high volatility, suggesting that the stock price may experience significant fluctuations.

Overall, Solara Active Pharma Sciences Limited is in a strong uptrend with bullish technical indicators. However, traders should be cautious of potential pullbacks given the high RSI and Stochastic readings. Monitoring support and resistance levels will be crucial in managing trades.