Suzlon Energy Limited (SUZLON) Stock - Complete Technical Analysis - Oct 23, 2024

Suzlon Energy Stock Analysis: Price Trends, Support & Resistance Levels for Smart Trading

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. Suzlon Energy Limited is navigating a volatile trading environment, currently priced at 68.85, marking a 19.98% drop from its 52-week peak of 86.04 recorded on September 12, 2024. Over the past year, the stock has rebounded impressively, soaring 129.50% from its 52-week low of 30.00, established on October 31, 2023. Recent trading sessions have highlighted significant fluctuations, notably a sharp drop on October 17, where the stock closed at 73.01 after opening at 75.39, indicative of selling pressure.

Key technical indicators paint a bearish picture. The MACD is in negative territory, confirming the current downtrend, while the RSI is under 35, nearing oversold conditions. Furthermore, the Stochastic RSI suggests weakness, reinforcing the potential for further downside. The ADX, around 25.58, indicates a trend is present, but not yet extreme, implying more movement could follow.

Support appears robust at 65.99, correlating with the Classic Pivot S2, while resistance sits considerably higher at 79.53. These levels are crucial for traders to watch, as breaks could lead to further movement. Overall, the bearish indicators and recent price action suggest that traders might want to exercise caution and consider waiting for a confirmed reversal or improved market conditions before making entry decisions.