Summit Securities Limited (SUMMITSEC) Stock - Complete Technical Analysis - Sep 02, 2024

Summit Securities Stock Analysis: Is It Overbought 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 Summit Securities Limited (SUMMITSEC) stock. Currently trading at 2,433, this stock is 4.58% below its 52-week high of 2,549.95, achieved on August 28, 2024. It is, however, 171.52% above its 52-week low of 896.10, which also occurred on August 28, 2024.

Support and Resistance Levels:

Support Levels:

Classic Pivot S1: 1,968.42

Camarilla Pivot S1: 2,339.78

Fibonacci Pivot S1: 1,980.72

Woodie Pivot S1: 2,168.53

Resistance Levels:

Classic Pivot R1: 2,697.37

Camarilla Pivot R1: 2,473.42

Fibonacci Pivot R1: 2,537.64

Woodie Pivot R1: 2,897.48

Technical Indicators:

MACD: Currently high, indicating strong upward momentum.

RSI: Overbought territory, suggesting potential for a pullback.

ADX: Strong trend with high levels, showing significant market movement.

Stochastic RSI: Extremely high, reinforcing the overbought condition.

Awesome Oscillator: Positive, indicating bullish momentum.

CCI: High, suggesting overbought conditions.

Williams %R: Negative, supporting the overbought signal.

Bull Bear Power: High, showing bullish strength.

Ultimate Oscillator: Neutral, indicating a balance between buying and selling pressures.

Moving Averages:

Exponential Moving Averages (EMA):

Short-term (10-day) EMA: 2,277.86

Medium-term (50-day) EMA: 1,955.93

Long-term (200-day) EMA: 1,524.91

Simple Moving Averages (SMA):

Short-term (10-day) SMA: 2,269.60

Medium-term (50-day) SMA: 1,957.03

Long-term (200-day) SMA: 1,486.67

Chart Patterns:

An inside candle pattern was observed on August 28, 2024, with the stock trading within the range of 2,549.95 (high) and 2,276.05 (low) for 4 days. This pattern suggests potential consolidation or a pause in the current trend.

Observations:

The stock is currently above most moving averages, signaling a strong uptrend.

Overbought conditions are evident from RSI, Stochastic RSI, and Williams %R, suggesting caution for potential corrections.

The significant resistance levels around 2,697.37 and higher could pose challenges if the stock moves upward, while support levels around 1,968.42 and lower could provide a buffer if the stock corrects.

Overall, while the stock shows strong bullish signals, the overbought conditions warrant close monitoring for any potential pullbacks or corrections.