Suzlon Energy Limited (SUZLON) Stock - Complete Technical Analysis - Oct 15, 2024

Suzlon Energy Technical Analysis: Key Levels & Trading Insights for Investors

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.

Let's delve into the technical analysis of Suzlon Energy Limited (SUZLON). Currently, the stock is trading at 73.71, sitting 14.33% below its 52-week high of 86.04, which was reached on September 12, 2024, and a remarkable 172.50% above its 52-week low of 27.05 from October 16, 2023. This price movement indicates a volatile trading environment.

Looking at recent price action, there was a sudden drop from 75.75 to 74.39 over the last five trading days, with the most recent session opening at 74.10 and closing at 73.71 after hitting a low of 72.15 and a high of 74.24. The formation of a bullish reversal hammer pattern suggests a potential shift in sentiment, particularly as it occurred near the recent low.

The Average Directional Index (ADX) is at 22.68, indicating a weak trend, while the RSI is at 42.13, suggesting the stock is neither overbought nor oversold, which could allow for further consolidation. The Stochastic indicators are also pointing to neutrality, with the Stochastic %K at 43.61.

Moving averages reveal that the short-term EMA (10) at 75.44 is above the current price, which may act as resistance, while the long-term SMA (200) at 53.88 provides strong support. The market appears to be within a sideways trend, with a current pivot point around 79.53, where a breakout could signal further momentum.

In summary, traders should watch for a sustained break above the recent high around 75.00 for a bullish signal, while a drop below 72.15 could indicate further downside risk. As always, maintain a close eye on volume patterns to confirm price movements and ensure prudent risk management.