Syngene International Limited (SYNGENE) Stock - Complete Technical Analysis - Nov 19, 2024

Syngene International Stock Technical Analysis Support, Resistance & Key Indicators Explained

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. Syngene International Limited (SYNGENE) has recently been trading near 850.80, which is below its 52-week high of 945.25. The stock has shown recent volatility with sharp price movements, which traders should note. On November 19, 2024, the stock opened at 846.95, hit a high of 862.20, and closed at 850.80, indicating a potential resistance level at 862.

Looking at the technical indicators, the stock shows weak directional momentum as indicated by the Average Directional Index (ADX) reading of 16. The Relative Strength Index (RSI) at 42.63 suggests that the stock is approaching oversold conditions, which may indicate a potential reversal. The Stochastic RSI reading is quite low at 8.44, reinforcing the idea that the stock may be oversold and primed for a bounce.

The MACD is negative at -3.49, suggesting a bearish trend. The recent price action also shows a shooting star pattern, which is a bearish reversal signal. However, the Bullish Harami pattern spotted recently could be signaling a potential change in trend if the stock can hold above its recent lows.

The stock has support levels near 821.95 to 825 and resistance around 862. A breakout above 862 could potentially take the stock higher, while a breakdown below the 821.95 level could lead to further declines. Traders should monitor these levels for confirmation of potential trades, as well as the RSI and MACD for trend direction.