Syngene International Limited (SYNGENE) Stock - Complete Technical Analysis - Oct 08, 2024

Syngene International Stock Analysis: Key Levels & Trading Insights

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. Today, were analyzing the technical indicators for Syngene International Limited, currently trading at 877.

Price Trends and Support/Resistance Levels: The stock has seen a substantial rally from its 52-week low of 607.65, climbing about 44.32%. However, it is currently 7.23% below its recent 52-week high of 945.25 reached on September 16, 2024. The classic pivot point stands at 899.23, indicating a critical resistance level. Traders should watch closely as the stock approaches this pivot area; any breakout above it could trigger bullish momentum.

Volatility and Price Gaps: The recent average true range suggests a moderate level of volatility, with swings indicating a price range of around 38.14 to 49.55. Observing the last five trading days, we noted a significant drop from the recent high of 909.25 to a low of 862.50 today. This volatility may provide opportunities for traders to capitalize on quick reversals.

Momentum Indicators: The RSI is currently at 48.61, suggesting that the stock is neither overbought nor oversold, which could indicate consolidation. The MACD is positive, reinforcing a bullish sentiment in the near term. However, the Stochastic RSI indicates a bearish crossover, signaling a potential correction phase.

Conclusion: Syngene is currently in a critical phase, hovering just below significant resistance levels while exhibiting moderate volatility. Traders should monitor the 50-day and 200-day moving averages for additional support around the 857 and 774 levels, respectively. A decisive move above 899 could lead to a retest of the recent highs. Alternatively, a fall below 853 may signal further weakness, prompting caution among investors.