Suzlon Energy Limited (SUZLON) Stock - Complete Technical Analysis - Oct 07, 2024

Suzlon Energy Technical Analysis: Key Insights 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.

Suzlon Energy Limited is currently trading at 70.93, reflecting a notable position within its recent price trends. The stock is 17.56% below its 52-week high of 86.04 reached on September 12, 2024, while being 169.70% above its 52-week low of 26.30 recorded on October 10, 2023. Analyzing the last five trading sessions, we observe a pattern of price fluctuations, with the most recent session on October 7 opening at 75.64, hitting a high of 76.49 before closing at 70.93. This indicates a significant price drop from the high, marking a potential resistance level around 76.49.

The Average Directional Index (ADX) stands at 21.4, suggesting a weak trend direction, complemented by an RSI of 33.15, indicating that the stock may be oversold. The Stochastic oscillator is also at a low of 5.99, reinforcing the oversold condition. The MACD remains negative, further supporting the bearish sentiment. The price movements have displayed notable volatility, particularly evident in the range of highs and lows throughout the week, hinting at uncertainty among traders.

The Exponential and Simple Moving Averages (EMAs and SMAs) suggest a bearish trend, with the current price trading below these averages, indicating potential resistance levels near 77-80. The Classic Pivot Point suggests that if the price can break above 79.53, it may test higher levels, but the current support level appears around 73.02. Traders should remain cautious, as the volume-weighted moving average is also above the current price, indicating that selling pressure may persist. The price action combined with the technical indicators suggests a need for careful monitoring as we navigate this volatile market.

Overall, traders may want to consider waiting for a confirmation of a reversal pattern or a breakout above key resistance levels before entering new positions in Suzlon Energy Limited.