Shyam Metalics and Energy Limited (SHYAMMETL) Stock - Complete Technical Analysis - Sep 19, 2024

Shyam Metalics Stock Analysis: Key Support, Resistance & Bearish Pattern Insights NSE Update

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. Shyam Metalics and Energy Limited (SHYAMMETL) is currently trading at 870.85, which is 4.19% below its 52-week high of 908.9. This stock has shown impressive growth, trading 107.25% above its 52-week low of 420.2.

Technical indicators reveal a mixed to bearish short-term outlook. The Average Directional Index (ADX) at 28.79 suggests a strong trend, though not exceptionally strong. The RSI is at 63.99, indicating that the stock is approaching the overbought territory. The Stochastic %K is at 81.47, also suggesting overbought conditions. The MACD is showing a positive value of 35.29, pointing towards a bullish trend, but the recent bearish engulfing pattern on the daily chart suggests a potential short-term reversal.

Support levels are identified around the Fibonacci Pivot S1 at 706.14 and the Classic Pivot S1 at 698.77. Resistance levels to watch are the Fibonacci Pivot R2 at 877.59 and the Classic Pivot R1 at 870.22.

Moving averages are generally bullish, with the stock trading above the 50-day and 200-day Simple Moving Averages (SMA) of 760.67 and 661.09 respectively. However, the stock is below its Hull Moving Average of 903.43, indicating a potential area of resistance.

The Bollinger Bands are likely to tighten given the ATR's recent values, suggesting potential volatility in the near term. The bearish engulfing pattern along with other indicators like the Williams Percent Range at -29.77 and the Awesome Oscillator at 90.13, supports caution in the short term. Overall, while the longer-term outlook remains positive, traders should watch for potential short-term pullbacks and consider the resistance levels mentioned.