Sigachi Industries Limited (SIGACHI) Stock - Complete Technical Analysis - Aug 30, 2024

Sigachi Industries Stock Analysis: Is a Bullish Reversal Coming NSE Technical Insights

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. Let's dive into the technical analysis for Sigachi Industries Limited (SIGACHI) stock. Currently trading at 60.1, SIGACHI shows some interesting technical patterns and indicators.

Support and Resistance Levels:

Support: The key support levels are at 59.03 (Classic Pivot S1) and 51.04 (Classic Pivot S2).

Resistance: Look for resistance around 64.09 (Classic Pivot P) and 72.08 (Classic Pivot R1).

Moving Averages:

The stock is trading below its shorter-term EMAs and SMAs, with the Exponential Moving Averages (10-day, 20-day, 30-day) and Simple Moving Averages (10-day, 20-day) indicating a potential resistance zone around the 60.65 to 61.94 range.

Chart Patterns:

A Bullish Harami pattern has formed, which often signals a potential reversal or a pause in the downtrend. This pattern is characterized by the current day's close (60.11) being within the previous day's range.

Technical Indicators:

MACD: The MACD is currently negative, suggesting bearish momentum.

RSI: With an RSI of 44.15, the stock is in a neutral zone, indicating no strong overbought or oversold conditions.

ADX: The ADX value of 9.79 points to a weak trend, suggesting the current trend lacks strength.

Stochastic Oscillator: The %K at 41.03 and Stochastic RSI Fast at 51.42 indicate the stock is not in an extreme overbought or oversold condition.

Commodity Channel Index (CCI): The CCI is negative at -70.57, suggesting the stock is in an oversold state.

Awesome Oscillator: The value of -1.33 shows bearish momentum.

Williams %R: At -57.29, this indicator also signals that the stock is not in an extreme overbought or oversold zone.

Ultimate Oscillator: The Ultimate Oscillator at 28.06 reflects a potentially oversold condition.

Volume Weighted Moving Average (VWMA): At 61.39, it is above the current price, acting as a resistance level.

Hull Moving Average (HMA): The HMA at 59.8 also provides a potential support level.

Pivot Points:

Classic: Pivot P is at 64.09, with R1 at 72.08 and S1 at 59.03.

Camarilla: Pivot P is at 64.09, with R1 at 68.22 and S1 at 65.82.

Fibonacci: Pivot P is at 64.09, with R1 at 69.08 and S1 at 59.1.

Woodie: Pivot P is at 65.05, with R1 at 74.01 and S1 at 60.96.

Volatility:

The Average True Range (ATR) indicates moderate volatility with recent values fluctuating between 10.07 and 15.53.

Overall, SIGACHI is showing mixed signals. While the Bullish Harami pattern suggests potential for a reversal, the MACD, Awesome Oscillator, and CCI are bearish. Resistance levels are found around 60.65 to 61.94, while support is at 59.03 and 51.04. The stock's volatility and various indicators suggest caution, as the trend lacks strength.