Sudarshan Chemical Industries Limited (SUDARSCHEM) Stock - Complete Technical Analysis - Nov 14, 2024

Sudarshan Chemical Stock Analysis: Short-term Weakness or Upcoming Reversal SUDARSCHEM Technical

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. Sudarshan Chemical Industries Limited (SUDARSCHEM) is currently trading at 927.30, which is significantly below its 52-week high, signaling recent corrections. The stock has seen a remarkable rise from its 52-week low, suggesting it has regained substantial ground. However, the technical indicators point to caution.

The RSI at 40.37 is slightly below the neutral zone, suggesting weak momentum and the possibility of further downside. The MACD is also in negative territory, reflecting bearishness. The Stochastic RSI and Commodity Channel Index readings further confirm that the stock is in an oversold region, potentially primed for a bounce, but current momentum is weak. Additionally, the ADX value of 11.29 indicates a weak trend overall, implying that the stock could experience range-bound movements in the near term.

In terms of support and resistance, the stock is currently facing resistance at the 10, 20, and 50-period EMAs, while the 200-period EMA at 857.31 serves as a potential support level. The key support levels lie near the 891.18 mark (Classic S1), with additional support at 827.30, while resistance is seen at 1062.82 (Classic Pivot).

Traders should watch for potential price reversals at the support zones. A break above the key moving averages could signal an upward trend, but current short-term indicators suggest caution.