Syngene International Limited (SYNGENE) Stock - Complete Technical Analysis - Sep 26, 2024

Syngene International Technical Analysis: Key Levels & Trends 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.

Welcome to today's technical analysis of Syngene International Limited. The stock is currently trading at approximately 880, reflecting a solid position, as it is 6.87% below its 52-week high of 945.25, achieved just recently on September 16, 2024. Conversely, it is also 44.88% above its 52-week low of 607.65 from June 4, 2024, indicating a significant upward momentum over the past months.

From a technical standpoint, the Average Directional Index (ADX) is sitting around 30, suggesting a strong trend in the market. However, the Relative Strength Index (RSI) is at 50.1, indicating the stock is neither overbought nor oversold, which means it could continue to see movement either way. The Stochastic %K is low at 17.7, hinting at potential bullish reversals as the stock could be undervalued in the short term.

Examining the moving averages, the 10-day Exponential Moving Average (EMA) is at 894.47, which acts as immediate resistance, while the 50-day EMA stands at 849.27, representing strong support. The classic pivot point is around 846.7, reinforcing this support level. If the stock breaks below this point, we may see it test lower levels, particularly near 814.4 and 760.05.

In terms of momentum, the momentum indicator shows a negative reading, suggesting the stock could be experiencing selling pressure. Additionally, the Awesome Oscillator indicates a bullish momentum, which could suggest potential buying opportunities.

Overall, while the technical indicators show mixed signals, the support at around 846.7, coupled with the recent upward trend, may provide a buying opportunity for traders. Observing the stock's movement around the key levels of 880 and 894.47 will be crucial in the coming sessions to determine the next directional move.