Syncom Formulations (India) Limited (SYNCOMF) Stock - Complete Technical Analysis - Oct 03, 2024

Syncom Formulations (SYNCOMF) Stock Analysis: A Trader's Guide to Key Levels

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. Technical Analysis of Syncom Formulations (India) Limited (SYNCOMF)

Currently, Syncom Formulations is trading at 21.32, which is 23.58% below its 52-week high of 27.9 reached on September 10, 2024, and 194.07% above its 52-week low of 7.25 from October 25, 2023. The stock shows signs of recovery, yet faces significant resistance near the 23.07 level, identified through various pivot analyses.

Recent trading behavior indicates a fluctuation in the stock price, with the last five trading days showing a recent high of 22.00 and a low of 21.21, reflecting a degree of volatility. The Average True Range (ATR) signals a heightened volatility, with recent spikes indicating potential price swings. The MACD is showing positive momentum, but the RSI indicates that the stock is nearing neutral territory, suggesting a potential for either continuation or a reversal depending on upcoming market sentiments.

Support levels are observed around 21.21 and further down at 20.27, while strong resistance is anticipated at the 22.58 level. The Stochastic indicators show the stock in an oversold condition, indicating potential for a short-term price surge if buying pressure increases. Additionally, the ADX reading suggests a strengthening trend but below the 25 mark, indicating that the current price movement is not yet decisively directional.

Overall, traders should be cautious yet optimistic. Key resistance levels need to be monitored closely, and potential buying opportunities may arise should the stock sustain above its recent support levels, coupled with bullish confirmations from other indicators.