Shyam Metalics and Energy Limited (SHYAMMETL) Stock - Complete Technical Analysis - Sep 27, 2024

Shyam Metalics: Bullish Momentum and Key Levels to Watch

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 Shyam Metalics and Energy Limited, currently trading at 909. The stock shows a solid performance with its 52-week high at 956.9 and a significant recovery from its low of 420.2, indicating strong bullish momentum.

Starting with support and resistance levels, the immediate support is observed around 870, where previous price action has shown interest from buyers. If the stock breaks below this level, we could see it test lower support near 840. Conversely, resistance levels are noted at 943, with a potential breakout above this could open the doors for targets towards 1114.

Analyzing the technical indicators, the RSI is at 61, suggesting the stock is in a healthy bullish trend but nearing overbought territory. The MACD indicates a strong upward momentum, and the Awesome Oscillator supports this bullish view. Meanwhile, the Stochastic is at 72, indicating some upward exhaustion which may lead to a minor pullback before any further advance.

In terms of moving averages, the price is above the 10-day and 20-day EMAs, which confirms the current bullish trend. The ADX at 30 suggests a strong trend, and the Bull Bear Power reflects positive momentum.

Overall, Shyam Metalics shows promising potential for traders, with the immediate focus on maintaining levels above 870 to ensure continued bullish momentum. Traders should keep an eye on the resistance at 943 for breakout opportunities, while also watching for any signs of pullback to the support levels.