Sanghi Industries Limited (SANGHIIND) Stock - Complete Technical Analysis - Oct 31, 2024

Can Sanghi Industries Break Resistance Detailed Technical Analysis for SANGHIIND Stock

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. Sanghi Industries (SANGHIIND) is currently trading at 82.43, about 47% below its 52-week high, suggesting potential for upside. The recent bullish engulfing candlestick pattern highlights a possible reversal from its recent lows, indicating renewed buying interest. RSI around the mid-level supports a balanced buying and selling pressure, while the Stochastic RSI is overbought, suggesting cautious entry at this level. The MACD, although in the negative zone, is approaching a possible crossover, which could add momentum to the stock if buying pressure continues. Additionally, the Awesome Oscillator and Bull Bear Power indicators align with minor bullish divergence, which could attract short-term buyers. Primary resistance is near 84, while a breakout above could signal a push toward higher levels. Traders should watch volume trends closely and confirm any upward trend before entry, given the stock's weak trend as indicated by ADX. Support is firm around 78, with further support below this level, suggesting risk management through stops near this level.