Samhi Hotels Limited (SAMHI) Stock - Complete Technical Analysis - Nov 14, 2024

"Samhi Hotels Stock Analysis Technical Insights, Support & Resistance Levels Nov 2024"

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. Samhi Hotels Limited (SAMHI) Stock Overview

Samhi Hotels Limited (SAMHI) has been trading at 180.37, a noticeable 24.17% drop from its 52-week high of 237.85, signaling that the stock has experienced a significant pullback. This might indicate potential for a reversal, especially with bullish chart patterns like the bullish harami seen recently. The stock has been quite volatile, with significant price movements such as opening at 180.21 and swinging between 179.06 and 184.00, closing at 180.37 on November 14th.

Support and Resistance

Immediate support for SAMHI stands at around 179, with a next line of defense at 170.88. The resistance levels to watch are at 184.0 and 188.0. A breakout above these levels could signal bullish momentum.

Technical Indicators

RSI: Currently at 39.33, suggesting oversold conditions and a potential buying opportunity.

MACD: A negative reading indicates that the stock is in bearish territory, but any crossover may shift the momentum.

ADX: At 23.84, the market is in a neutral trend, and an increase above 25 could signal a stronger trend in either direction.

Stochastic: The low stochastic %K value at 17.51 indicates that the stock may be poised for a reversal upward.

Key Pattern Observations

The appearance of a Doji candlestick pattern along with a Spinning Top signals indecision in the market, suggesting that traders should be cautious of sudden reversals. With the stock testing critical support and showing oversold signs, it may be nearing a reversal, but the risk of further downside exists if it breaks below 179.

Strategic Takeaway for Traders

Traders should monitor the support at 179 for potential buying opportunities, especially with indicators showing signs of oversold conditions. However, caution is required as a break below this level could lead to a further decline. Watching the key resistance level at 184 will also be important for potential breakouts.