Suraj Estate Developers Limited (SURAJEST) Stock - Complete Technical Analysis - Oct 03, 2024

Suraj Estate Developers Limited: Technical Analysis and Price Predictions for Traders

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.

Suraj Estate Developers Limited (SURAJEST) is currently trading at 759, showing resilience with a solid performance compared to its 52-week range. The stock has reached a high of 847, which indicates a 7.07% downside from this peak, and an impressive 207.70% surge from its low of 255.8 earlier this year.

From a technical standpoint, the stock exhibits key support and resistance levels worth noting. Immediate support is identified around 739, while the primary resistance level is at 814.87. The average directional index (ADX) at 20.56 suggests a trend is in place, but the momentum indicator at -26.4 indicates a bearish sentiment in the near term. The RSI is hovering at 45.88, suggesting the stock is nearing the neutral zone, indicating potential consolidation or a reversal may be forthcoming.

In recent trading sessions, we observed significant price action. For example, the price opened at 340 on December 26 and closed at 334.50, indicating a minor decline. However, the following days showed slight fluctuations with higher lows forming, which could signal a potential reversal if the stock manages to break above the recent high of 354.45. This pattern indicates that traders should monitor for any sudden surges beyond 354.45, which could lead to a bullish momentum if confirmed with higher volume.

Additionally, the classic pivot points provide valuable insight, with the main pivot at 774.93 acting as a significant level to watch. Any movement above this could indicate a bullish trend, while a drop below 739 could suggest further downside risk. Volatility appears to be moderate as indicated by the average true range (ATR), suggesting traders should remain vigilant of sudden price changes.

Overall, the technical indicators suggest a mixed outlook. While the stock has shown strong growth from its lows, the current indicators may suggest caution. A prudent approach would be to wait for confirmation through breakout patterns or a reversal signal before taking any significant positions.