Sumitomo Chemical India Limited (SUMICHEM) Stock - Complete Technical Analysis - Sep 19, 2024

Sumitomo Chemical India Stock Analysis Key Support & Resistance Levels 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. Sumitomo Chemical India Limited (SUMICHEM) is currently trading at 586, which is 6.65% below its 52-week high of 628.3 and 74.50% above its 52-week low of 336.1.

The stock is showing bullish momentum with a strong ADX, indicating a well-established trend. The RSI is comfortably positioned, suggesting the stock is neither overbought nor oversold. The Stochastic %K and Stochastic RSI both point to strong upward momentum. The MACD is in positive territory, further supporting a bullish outlook. The Momentum indicator is also indicating strength in the current trend.

Support levels for SUMICHEM are seen around the 550 to 570 range, with resistance near the recent high of 628. The Ichimoku Base Line and various moving averages are aligned, suggesting a stable uptrend. The Average True Range (ATR) highlights significant volatility, so traders should be prepared for potential swings.

An inside candle pattern has formed recently, which could indicate consolidation before a potential breakout or breakdown. If the stock holds above current support levels, it may continue its upward trajectory, while a breach below could signal a need for caution.