Sanofi India Limited (SANOFI) Stock - Complete Technical Analysis - Sep 18, 2024

Sanofi India Stock Analysis: Is It a Buy or Hold Technical Insights & Price Targets

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.

Sanofi India Limited (SANOFI) is currently trading at 7,147. Here's a detailed technical analysis of the stock:

Support and Resistance Levels:

Support: Key support levels are around 6,450 and 6,100, which align with historical lows and recent pivot points.

Resistance: Immediate resistance is seen at 7,240 (previous high) and further at 7,700, indicating potential hurdles for upward movement.

Technical Indicators:

MACD: The MACD is showing strength, suggesting a positive momentum but caution as it's relatively high.

RSI: The RSI is around 58, indicating that the stock is neither overbought nor oversold but leaning towards the higher end of the scale.

ADX: The ADX is strong, reflecting a robust trend, which supports the current bullish outlook.

Stochastic %K: With the Stochastic %K at 53, it indicates that the stock is in a moderate uptrend.

Stochastic RSI Fast: The Stochastic RSI Fast is quite low, suggesting potential for a rebound if it starts moving upwards.

Commodity Channel Index (CCI): The CCI is mildly positive, suggesting that the stock is in an uptrend but not at extreme levels.

Moving Averages:

Short-Term Averages: The stock is trading below the 10-day and 20-day Exponential Moving Averages (EMA), indicating a short-term bearish trend.

Medium to Long-Term Averages: The 50-day and 100-day EMAs are showing upward trends, suggesting stronger support at these levels.

Chart Patterns:

Inside Candle Pattern: An inside candle pattern has formed recently, indicating a potential reversal or consolidation. The stock traded within this pattern's range for two days, signaling indecision in the market.

Volatility:

Average True Range (ATR): The ATR indicates moderate volatility, suggesting that traders should be prepared for some fluctuations in stock price.

Overall, SANOFI shows a mix of bullish and bearish signals. While the stock demonstrates strong long-term trends and positive momentum, the recent short-term indicators and patterns suggest caution and monitoring for potential reversals or breakouts.