Syngene International Limited (SYNGENE) Stock - Complete Technical Analysis - Oct 16, 2024

Syngene International Technical Analysis: Trends, Patterns & Key Levels

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, Syngene International Limited is trading at 886.15, reflecting a recent decline of 6.25% from its 52-week high of 945.25. The stock has demonstrated strong performance, being 45.83% above its 52-week low of 607.65. An inside candle pattern was identified on October 10, indicating potential consolidation, with a parent high of 901.8 and a low of 874.7. The last five trading days show fluctuating activity, with a recent high of 890.00 on October 16.

Key technical indicators suggest a mixed outlook. The RSI is around neutral territory, indicating that the stock is neither overbought nor oversold. The ADX indicates a weak trend, suggesting that significant directional movement may be limited. MACD is slightly positive, reflecting potential upward momentum, but this should be approached with caution given the recent drop. The stock is currently trading below its exponential and simple moving averages, which may signal bearish sentiment in the short term.

Volatility remains a concern, as reflected in the Average True Range, suggesting traders should be prepared for rapid price fluctuations. Recent price action indicates a bearish bias, particularly with the stock trading below its previous closing price levels. Traders should look for confirmation of a reversal if the price can break above the inside candle high, while a drop below the inside candle low could lead to further declines.

In summary, while there are potential signals for upward movement, the overall trend appears cautious. Monitoring the support level at around 874.7 and resistance at 901.8 will be crucial for determining the next steps in trading Syngene International.