Syncom Formulations (India) Limited (SYNCOMF) Stock - Complete Technical Analysis - Nov 01, 2024

Technical Analysis of Syncom Formulations: Price Surge & Key Levels Uncovered

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. In todays technical analysis of Syncom Formulations (India) Limited, we find the stock priced at 20.83, showing resilience after reaching a 52-week high of 27.9 and bouncing off a low of 8.25. Recently, the Three White Soldiers pattern emerged, signaling a bullish continuation, as buyers push the price upward.

In the last five trading days, we witnessed notable surges, particularly from 19.49 to 20.83, suggesting strong bullish momentum. Traders should monitor the immediate resistance at 21.00, with support levels established at 20.28 and further down at 19.75 and 18.39, should the price retrace.

Technical indicators reveal a mixed sentiment; the MACD remains negative, but with the RSI around 52.33, theres no indication of extreme conditions. The ADX indicates a weak trend, but the Bull-Bear Power shows positive momentum, hinting at possible upward movement. The momentum indicator is slightly positive, reinforcing the idea of an ongoing bullish phase.

In conclusion, a break above 21.00 could target levels at 22.71, while a drop below 20.28 warrants caution and reevaluation. Traders should strategically position themselves based on these insights to optimize their trading strategies in this dynamic market environment.