Senco Gold Limited (SENCO) Stock - Complete Technical Analysis - Nov 13, 2024

Senco Gold (SENCO) Technical Analysis: Key Support & Resistance Levels for Nov 2024 Trend Insight

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. Senco Gold Limited (SENCO) is currently experiencing a strong downward momentum, with the stock trading 31.43% below its 52-week high of 1,544 and showing signs of a short-term pullback. Over the last few trading sessions, the stock price has shown a clear downtrend, with closing prices progressively lower, most recently at 1,058.70. The Relative Strength Index (RSI) at 28.88 confirms that the stock is nearing oversold conditions, which could indicate a potential price reversal. This is further supported by the Stochastic RSI, which is also signaling bearish pressure.

The stock's MACD remains below the signal line, reinforcing the negative sentiment, while the ADX value points to a strong trend. However, despite the strong downward trend, traders should monitor the support zone around 1,051, which could act as a potential reversal point. If the stock fails to hold this level, the next significant support lies near 989. The resistance to watch is around 1,099, with a clear rejection observed at this level in recent days. A sustained move above 1,099 could open the path for higher targets toward 1,266. Traders should keep an eye on these key levels and be ready for potential volatility.