Symphony Limited (SYMPHONY) Stock - Complete Technical Analysis - Sep 20, 2024

Unlocking Symphony Limited: Technical Analysis and Trading 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. In this technical analysis of Symphony Limited, we observe a current price of 1,593, indicating a healthy market sentiment despite trading about 8.93% below its 52-week high of 1,748.75, achieved in early August 2024. The stock has demonstrated strong performance, trading 94.22% above its 52-week low of 820, reflecting its resilience in a fluctuating market.

Analyzing key indicators, the RSI indicates the stock is in a neutral zone, suggesting potential for both upward movement and correction. The MACD shows a bullish trend, supporting the idea that buyers remain active. The ADX is at a moderate level, hinting at a trend that could gain strength.

Key support levels are around 1,500, which aligns with the Classic and Fibonacci pivot points, indicating a strong area for potential buying. Resistance can be found near 1,810, which may serve as a barrier to upward momentum.

The average true range indicates volatility in the recent period, suggesting traders should exercise caution. The stock's volume-weighted moving average is positioned at 1,543.47, which further confirms the significance of the 1,500 support level.

In conclusion, Symphony Limited's technical indicators suggest a cautious bullish outlook, with key support around 1,500 and resistance near 1,810. Traders should keep an eye on these levels while considering market conditions and volume trends for informed decision-making.