SONAM LIMITED (SONAMLTD) Stock - Complete Technical Analysis - Sep 23, 2024

Sonam Limited Stock Analysis: Key Levels and Trading Insights Revealed

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 Sonam Limited, currently priced at 54.21, we observe that the stock is trading just below its 52-week high, indicating strong resistance around the 59.8 level. The Relative Strength Index suggests the stock is in neutral territory, while the MACD shows a slight bullish trend, which may attract buyers. An inside candle pattern detected recently points to potential consolidation, suggesting traders should watch for a breakout either above 59.8 or below 50.

Key support is identified around 52, providing a buffer against downward moves, while the 55-56 range could act as an immediate resistance zone. The Average Directional Index indicates a strengthening trend, implying that momentum may build in the coming sessions. As the stock navigates through these critical levels, traders should remain alert for signs of either upward continuation or potential reversal.