Sanofi India Limited (SANOFI) Stock - Complete Technical Analysis - Sep 05, 2024

Sanofi India Limited Technical Analysis: Bullish Momentum

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. Sanofi India Limited, trading at 7427, is showing robust bullish momentum as evidenced by its strong technical indicators. The stock is currently well below its 52-week high of 10525 and above its 52-week low of 5893, indicating a significant range in recent performance. The Average Directional Index (ADX) at 33.75 suggests a strong trend, while the Relative Strength Index (RSI) is at 79.55, indicating the stock is overbought and may face a pullback. The Stochastic %K and Stochastic RSI are both in overbought territory, highlighting potential for a short-term correction. The Moving Average Convergence Divergence (MACD) remains in a positive territory, signaling ongoing bullish momentum. The stock is trading above its Exponential Moving Averages (EMA) and Simple Moving Averages (SMA), with the EMA(10) at 7011 and EMA(50) at 6580, suggesting strong support levels. The Classic Pivot Point is at 6742, with major resistance at R1, which is 7101, and further levels at R2 and R3. The stock is also trading above its Ichimoku Base Line of 6916 and the Hull Moving Average of 7309, reinforcing the bullish outlook. However, with high levels of the Commodity Channel Index (CCI) and Williams Percent Range indicating extreme conditions, traders should be cautious of potential volatility. Overall, while the stock shows strong bullish signals, traders should watch for any signs of correction due to the overbought conditions and the high momentum levels.