Somany Ceramics Limited (SOMANYCERA) Stock - Complete Technical Analysis - Aug 30, 2024

Somany Ceramics (SOMANYCERA) Technical Analysis - Support, Resistance

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.

Today, we delve into the technical analysis of Somany Ceramics Limited (SOMANYCERA), which is currently trading at 720. Starting with key support and resistance levels, the stock finds crucial support around 713.62, as indicated by the Classic Pivot S1, with additional support at 699.89 from the Fibonacci Pivot S1 and 652.94 from Woodie Pivot S2. Resistance is seen at 778.03 from the Classic Pivot and 826.34 from the Fibonacci Pivot R1, with higher resistance around 842.77 from the Woodie Pivot R1.

In terms of moving averages, the stock is positioned below the 10-day, 20-day, and 50-day Exponential Moving Averages, suggesting a bearish short-term outlook. The 200-day EMA and SMA are at 702.95 and 697.05, respectively, providing long-term support. The stock is currently trading below its 52-week high of 872.6 by 17.48% and above its 52-week low of 561.2 by 28.31%.

Technical indicators show mixed signals: The MACD is in negative territory, signaling a bearish trend, while the RSI is at 44.32, indicating that the stock is neither overbought nor oversold. The ADX is relatively low at 12.89, suggesting a weak trend strength. The Stochastic %K and Stochastic RSI are both in neutral territory, further supporting the indecision reflected by the current spinning top candlestick pattern.

The Average True Range (ATR) reflects significant volatility, which is consistent with the recent wide price fluctuations. The Ichimoku Base Line and the Hull Moving Average indicate that the stock is trading below its recent averages, reinforcing the short-term bearish sentiment.

Overall, Somany Ceramics Limited's technical setup indicates a consolidation phase with potential downside risk if it breaks below immediate support levels. Traders should monitor these support and resistance levels closely, as well as the technical indicators for further signals of trend direction.