Suzlon Energy Limited (SUZLON) Stock - Complete Technical Analysis - Sep 04, 2024

Suzlon Energy Technical Analysis: Key Support, Resistance

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. In this technical analysis of Suzlon Energy Limited, we start with the current stock price at 74.2. The key support level to watch is around 66.2, which is derived from the classic pivot S1, while significant resistance can be observed near 84.9, the classic pivot R1. The price is currently trading just below the exponential moving averages of 10 and 20 periods, indicating a potential short-term bearish trend. However, the price is above the longer-term EMA of 50 and 100 periods, suggesting a more bullish long-term outlook.

The MACD line is above its signal line, reflecting a positive short-term momentum. The Relative Strength Index (RSI) is neutral at 52.68, indicating no strong momentum in either direction. The ADX, which stands at 31.83, signals a strong trend, though the market's indecision is evident as highlighted by the spinning top and bearish harami patterns observed. These patterns suggest a possible reversal or consolidation in the near term.

The Stochastic Oscillator shows an oversold condition, with %K at 16.47, which may indicate a potential bounce or reversal. The Awesome Oscillator is positive, supporting the short-term uptrend, while the Williams Percent Range and Commodity Channel Index both suggest that the stock might be in an oversold condition. The Average True Range, which measures volatility, shows increasing values, indicating that traders should be prepared for potential price swings.

Overall, traders should be cautious of the current bearish signals and watch key levels for potential reversals. Monitoring the support at 66.2 and resistance at 84.9, along with the trend indicators, will be crucial for making informed trading decisions.