Sumitomo Chemical India Limited (SUMICHEM) Stock - Complete Technical Analysis - Sep 06, 2024

Sumitomo Chemical India Limited Technical Analysis: 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.

Sumitomo Chemical India Limited, currently trading at 538, shows a robust technical profile. The stock is experiencing strong upward momentum, with the Average Directional Index (ADX) indicating a strong trend. The MACD, or Moving Average Convergence Divergence, is positive, suggesting that the stock could continue to rise. The Relative Strength Index (RSI) is in a neutral range, showing that the stock is neither overbought nor oversold. The Stochastic Oscillator and Stochastic RSI are both in a relatively moderate zone, indicating potential for further movement.

In terms of moving averages, the stock is above its short-term moving averages, such as the 10-day and 20-day Exponential Moving Averages (EMA), which is a bullish sign. The stock is also trading well above the 200-day Simple Moving Average (SMA), indicating a strong long-term uptrend. The Ichimoku Base Line and Volume Weighted Moving Average (VWMA) are providing additional support around the 528-531 range.

Support levels are observed at the Classic Pivot S1 and Camarilla Pivot S1, which are approximately 478 and 504 respectively. Resistance levels are evident at the Classic Pivot R1 and Fibonacci Pivot R1, around 556 and 552.5 respectively. The stock is trading below its 52-week high of 567.35, providing room for upward movement but is above the 52-week low of 336.1, reflecting strong growth over the past year.

Overall, Sumitomo Chemical India Limited displays a positive technical outlook with solid support and resistance levels. Traders should watch for potential breakouts above resistance levels or breakdowns below support to make informed decisions.