Syrma SGS Technology Limited (SYRMA) Stock - Complete Technical Analysis - Oct 10, 2024

Syrma SGS Technology Limited: Technical Analysis & Trading Insights for October 2024

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. Syrma SGS Technology Limited is currently trading at 412.60, significantly below its 52-week high of 705.20, which indicates a bearish trend. The stock is also positioned just above its 52-week low of 386.10. The average directional index (ADX) at 15.68 suggests that the stock is currently in a weak trend, which aligns with the bearish momentum indicated by the MACD, currently showing a negative value. The RSI at 39.54 and the stochastic readings suggest that the stock is in oversold territory, potentially signaling a reversal opportunity if buying pressure increases.

The recent shooting star candlestick pattern reflects a bearish reversal after a price surge, as it opened at 410.05, reached a high of 419.80, and closed lower at 412.60. The stock has formed an inside candle pattern, indicating indecision in the market. Price action has been volatile over the last few days, with significant drops and surges. Notably, the stock traded within a range of 400.70 to 421.40 for four consecutive days, reflecting tight price action that could lead to a breakout.

Support levels can be identified at the recent low of 409.20, and if this level is breached, traders should watch for further downside towards the 401.17 level. Conversely, resistance is seen at the recent high of 419.80, and if surpassed, it could lead to a rally toward the 440.83 pivot point. In summary, traders should monitor these key levels closely, as a breakout above resistance or a drop below support could provide actionable trading signals.