Suraj Estate Developers Limited (SURAJEST) Stock - Complete Technical Analysis - Nov 01, 2024

Technical Analysis of Suraj Estate Developers: Key Insights and Trading 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. Suraj Estate Developers Limited is currently trading at 709.40, which is notable as it represents a significant recovery from its 52-week low of 255.8, positioning the stock 177.33% higher. However, it remains 16.25% below its 52-week high of 847, indicating a critical resistance level to monitor. The technical indicators suggest mixed signals; the ADX at 30.37 indicates a strong trend, yet the RSI at 41.05 hints at potential overselling conditions, signaling that a reversal may be on the horizon.

The recent formation of a bullish engulfing pattern provides a bullish sentiment, especially as the stock surged to a high of 718.25, showing volatility. Key support is identified at the 695 level, while resistance remains strong at around 740. The classic pivot point is at 730.13, which traders should observe closely for breakout potential. Given the volatility suggested by the ATR and the negative MACD, it's essential for traders to remain cautious. If the stock sustains above the 700 mark, it could indicate further bullish momentum.

Overall, traders should keep a close eye on the stock as it approaches key resistance levels and watch for signs of bullish reversals that could lead to a breakout.