Suzlon Energy Limited (SUZLON) Stock - Complete Technical Analysis - Sep 25, 2024

Suzlon Energy Technical Analysis: Watch for Breakouts NSE Stock 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 of Suzlon Energy Limited. The current price stands at 83, which reflects a robust upward momentum. The stock is currently trading 3.58% below its recent 52-week high of 86.04, indicating potential resistance around this level. Conversely, it shows a significant appreciation of 232.51% from its 52-week low of 24.95, highlighting the bullish trend.

Analyzing key indicators, the Relative Strength Index (RSI) at around 61 suggests that the stock is in a relatively strong position without being overbought. The MACD is positive, which further supports bullish momentum. The Average Directional Index (ADX) is at 23.43, suggesting that there is a moderate trend strength but not overly strong, which is a favorable condition for traders looking for trends to develop.

The Stochastic oscillator indicates that the stock is approaching overbought territory, which may signal a need for caution. The presence of an inside candle pattern recently suggests a potential consolidation phase, with the parent high at 84.2 and low at 82.32 indicating a narrow trading range. Traders should watch for a breakout above 84.2 for further bullish momentum or a drop below 82.32 for bearish signals.

From a moving average perspective, the stock is currently trading above its 10-day, 20-day, and 50-day moving averages, which reinforces the positive sentiment. Volume indicators also show healthy buying interest, suggesting that the momentum may continue in the short term.

In summary, traders should look for potential breakout opportunities above the recent high of 84.2 while keeping an eye on support around 82.32. The overall trend appears bullish, but caution is warranted due to the stochastic readings and recent consolidation pattern.