Cyient Limited (CYIENT) Stock - Complete Technical Analysis - Oct 16, 2024

Cyient Limited Stock Analysis: Key Levels & Market Insights 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. In this analysis of Cyient Limited, currently priced at 1,845, we note that it sits 24.97% below its 52-week high of 2,458.95 and 19.65% above its 52-week low of 1,542.1. The recent formation of an inside candle pattern on October 10 suggests price consolidation, with a parent high at 1,911.95 and a low of 1,828.80.

Recent trading activity reveals a bearish trend, highlighted by a significant price drop on October 10, where the stock peaked at 1,911.95 but settled at 1,860.05, indicating resistance at that level. The last five trading days culminated with a close at 1,845 on October 16, further suggesting selling pressure.

Technical indicators point to a challenging market: the MACD remains negative, which highlights ongoing bearish momentum. The RSI, currently below 40, indicates potential oversold conditions, while the Stochastic %K aligns with these sentiments. The ADX is at 13.61, reflecting a lack of strong trend direction and low volatility, advising caution for traders.

Key support stands around 1,840, based on recent lows; a drop below this level could see prices retest 1,755. Conversely, breaking through resistance at 1,911 may trigger a bullish reversal, offering traders an opportunity to reassess their strategies. In summary, monitoring these critical levels is essential for informed trading decisions.