Shyam Metalics and Energy Limited (SHYAMMETL) Stock - Complete Technical Analysis - Oct 25, 2024

Shyam Metalics & Energy Technical Analysis: Key Levels to Watch 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. Shyam Metalics and Energy Limited is currently facing significant volatility, trading at 797.45, which is a notable decline from recent highs. Analyzing the recent price action, we observe that the stock opened at 890.00 on October 21, dropped to a low of 775.00, and closed at 797.45 on October 25, indicating a possible price reversal. The RSI shows oversold conditions, while the Stochastic indicators confirm bearish momentum, suggesting potential reversal points may arise soon.

Support levels are established at 775.00, where buying interest could strengthen. However, if this level fails, the stock may test further support at around 706.17. On the upside, resistance is seen at 824.00 and 873.70, where selling pressure could materialize. The ADX indicates a lack of strong trend, hinting at possible consolidation.

Overall, traders should focus on these key support and resistance levels and observe volume changes for potential trading opportunities. Given the current market sentiment, cautious optimism is advised as the stock appears to be positioned for a potential bounce back if bullish momentum is confirmed.