Suprajit Engineering Limited (SUPRAJIT) Stock - Complete Technical Analysis - Nov 14, 2024

Suprajit Engineering Technical Analysis: Will the Stock Bounce Back Support & Resistance Levels

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. Suprajit Engineering Limited (SUPRAJIT) has been experiencing high volatility, trading 28.89% below its 52-week high and 27.20% above its 52-week low. The stock's P/E ratio of 23.9 suggests moderate valuation, while its strong ROE of 19.6% reflects solid profitability. Currently, technical indicators like the RSI, MACD, and Stochastic Oscillator show signs of oversold conditions, signaling the potential for a price reversal. The bearish momentum is evident with negative MACD values and price action below key moving averages.

Recently, the stock formed a bullish harami pattern, indicating a possible trend reversal. Resistance is expected around 480-490 levels, aligning with the Ichimoku base line and EMA levels, while the support zone lies near 446.92. This range is crucial for determining if the stock will rebound or break lower. Volatility, as indicated by the ATR, remains high, suggesting that the stock may experience further price swings. Traders should closely watch the price movement for any signs of stabilization at or near support levels, and consider entering near 446-450 levels for potential rebounds.