Suzlon Energy Limited (SUZLON) Stock - Complete Technical Analysis - Nov 08, 2024

Suzlon Energy Technical Analysis: Key Support & Resistance Levels Revealed SUZLON Stock Insights

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. Suzlon Energy Limited (SUZLON) is facing a volatile price action, currently trading at 62.5, approximately 27% below its 52-week high of 86.04. The stock has recently shown consistent declines, as seen in the latest trading data, with the Nov 8th close marking a drop from the prior session. From a technical standpoint, the RSI indicates that the stock is oversold, which could suggest a potential bounce in the short term. However, the ADX points to moderate trend strength, indicating a possible sideways market rather than a clear trend.

The MACD remains negative, signaling a bearish outlook, while the Stochastic RSI indicates some relief from extreme oversold conditions. On the downside, the stock faces key support at 61.46, and a break below this level may see further declines. On the upside, resistance at 69.39 (simple moving average 20) is a crucial level to watch for any potential reversal.

The stock remains under pressure as it trades below most key moving averages, including the 200-day EMA at 58.62. While the high P/E ratio indicates caution from a value investment standpoint, the stock could attract short-term trading interest if it finds support. Keep an eye on the 61.46 support level for a bearish confirmation or 69.39 resistance for potential bullish momentum.