Solara Active Pharma Sciences Limited (SOLARA) Stock - Complete Technical Analysis - Sep 02, 2024

Solara Active Pharma Technical Analysis - Key Support

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 Solara Active Pharma Sciences Limited (SOLARA) stock. Currently trading at 710, SOLARA is showing a mixed but generally positive technical picture.

Support and Resistance Levels:

Immediate Support is around 683, which aligns with the Classic Pivot Point and Fibonacci Pivot Point.

Strong Support lies at 608.9 (Classic Pivot S1) and 511.75 (Fibonacci Pivot S2).

Immediate Resistance is at 780.2 (Classic Pivot R1) and 737.45 (Camarilla Pivot R2).

Strong Resistance can be found at 854.35 (Fibonacci Pivot R2) and 1025.65 (Classic Pivot R3).

Technical Indicators:

MACD is showing bullish momentum, suggesting positive price movement.

RSI indicates the stock is nearing overbought conditions but is still in a healthy range.

ADX is relatively high, indicating a strong trend. The stock's direction is robust but keep an eye for any reversal signals.

Stochastic %K and Stochastic RSI both support bullish momentum, though they are approaching higher levels where a pullback might be expected.

Momentum and Awesome Oscillator also point towards upward movement, reinforcing the bullish outlook.

CCI is in a positive zone, further supporting the current bullish trend.

Moving Averages:

The stock is trading above its short-term MAs (10-day and 20-day), which is a positive sign.

The 50-day EMA is at 615.2, providing a solid support level.

200-day EMA is at 483.85, showing long-term support.

The Exponential Moving Averages (EMA) and Simple Moving Averages (SMA) are all indicating a bullish trend, with the price above these averages.

Pivot Points:

The Classic Pivot Point and Fibonacci Pivot Point are near the current price, suggesting a consolidation phase.

Camarilla Pivot Points also align closely, providing additional support and resistance levels.

Average True Range (ATR):

ATR values are showing high volatility, suggesting that significant price swings can be expected. This can be both an opportunity and a risk.

In summary, SOLARA is in a generally bullish trend with significant support and resistance levels providing important price action guidance. Traders should watch the key levels closely and be prepared for possible volatility as indicated by ATR.