Syngene International Limited (SYNGENE) Stock - Complete Technical Analysis - Nov 08, 2024

Syngene International Stock Analysis Support, Resistance & Technical Indicators (SYNGENE)

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. Syngene International Limited (SYNGENE) is currently experiencing some volatility, with its price sitting at 898.45, which is down 4.95% from its 52-week high of 945.25. The stock has seen a recent dip, forming bearish chart patterns like the bearish engulfing and evening star. These suggest that there could be short-term downside risk. The stock closed at 898.45 on November 8th after a day of fluctuating prices, with the low at 894.30 and the high at 920.

In terms of support, the critical zone lies around the 866 to 875 range. If the stock falls below this, there is a risk it could drop further toward the 821.95-837.34 region. On the upside, resistance appears near 905, which has been a challenging level for the stock to break. A sustained breakout above this range could drive the stock higher toward the 950 or 1000 levels.

Momentum indicators are mixed. The RSI is at 57.35, showing a neutral market, while the MACD remains in positive territory, though it has recently lost some upward momentum. The Stochastic RSI is nearing overbought levels, which could signal a pause or pullback. Traders should be cautious of the increasing volatility, indicated by the rising ATR.

For investors looking to enter the stock, it is recommended to watch for a confirmation of a breakout above the 905 resistance or a pullback to the support levels around 866-875. Given the recent patterns, the stock might face further downside if it fails to break through the resistance zone.