SJVN Limited (SJVN) Stock - Complete Technical Analysis - Nov 08, 2024

SJVN Limited Stock Technical Analysis: Support, Resistance & Price Action 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. SJVN Limited's current price of 111.46 is significantly lower than its 52-week high of 170.5, which indicates a strong potential for recovery, though the stock has shown resistance near 115-117 in the past few days. A closer look at the recent price action reveals slight drops and higher lows, suggesting some consolidation in the short term.

On technical indicators, the stocks RSI is nearing the 40 level, indicating it is not overbought, but also not yet oversold. This could mean the stock is ripe for a potential reversal or may continue in a consolidating phase. The MACD indicator is in negative territory, signaling that momentum is bearish for the time being. However, the stock has shown some signs of support at the 111 level, as seen from the November 8 trading session.

The Average Directional Index (ADX) suggests that the trend is moderately strong, so traders should be cautious of potential reversals. The stock's key EMAs are showing resistance at 113-115, and these levels should be closely watched. On the downside, a breach of 111 could signal further weakness towards the next support at 109, with 100 being the next psychological level.

Traders may want to watch for a breakout beyond 115-117 to target higher resistance levels. A failure to hold above 111 could indicate continued downward pressure, with the stock potentially testing levels as low as 105. The markets volatility in recent days highlights the importance of setting stop losses around these key levels.