Shyam Metalics and Energy Limited (SHYAMMETL) Stock - Complete Technical Analysis - Sep 06, 2024

Shyam Metalics

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 (SHYAMMETL) is currently trading at 797.65, which is approximately 5.55% below its 52-week high of 844.5 and 89.83% above its 52-week low of 420.2. The stock is facing some bearish signals. Recent patterns, such as the Bearish Engulfing and Evening Star, suggest potential downward pressure. The MACD is currently above the signal line, indicating bullish momentum, but the RSI is near neutral, suggesting the stock might be in consolidation. The ADX is at 25.18, reflecting a moderate trend strength. Key moving averages show that the stock is below its 10-day and 20-day EMA but above its longer-term EMAs, suggesting a short-term bearish trend within a longer-term uptrend. The Hull Moving Average is significantly higher, reinforcing the short-term weakness. Pivot points indicate that support is at around 765, with potential resistance at 837. The stock's volatility, as indicated by the ATR, is relatively high, which could lead to larger price swings. Overall, while there is a bearish short-term outlook, the stock remains in a longer-term uptrend. Traders should watch for a break below key support levels or a confirmation of bullish reversal patterns for further direction.