Sanofi India Limited (SANOFI) Stock - Complete Technical Analysis - Oct 08, 2024

Sanofi India Technical Analysis: Key Levels to Watch 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.

Analyzing the technical landscape of Sanofi India Limited, currently priced at 6784, we observe that it is trading significantly below its 52-week high of 10524.95, indicating a decline of over 35%. This stock is also positioned 15.13% above its 52-week low of 5892.80. The stock has formed an inside candle pattern recently, suggesting potential consolidation around the current price levels, with a parent high of 6992 and low of 6649.95.

The recent price action shows a slight bearish sentiment. Over the last five trading days, there was a notable price drop from 7110.50 to 6784.35, indicating increased selling pressure. The stock's performance reveals lower highs and lower lows, emphasizing a bearish trend. However, we also note the Relative Strength Index (RSI) is at a level suggesting that the stock may be oversold, while the MACD shows bearish momentum.

Support is anticipated around the recent low of 6673.90, while resistance is near the recent high of 6992. A breach above this resistance may signal a reversal, but caution is warranted given the bearish indicators and the stock's proximity to support levels. Additionally, the Average True Range (ATR) reflects high volatility, which traders should consider when determining stop-loss levels. Investors should closely monitor the market's response at these key levels, as a bounce from support could offer a buying opportunity, while a break could signal further downside potential.

Traders should stay vigilant, especially with the current momentum indicators pointing towards potential reversals. The current volatility and inside candle pattern indicate that significant price movements could be on the horizon.