Symphony Limited (SYMPHONY) Stock - Complete Technical Analysis - Nov 22, 2024

Symphony Limited (SYMPHONY) Stock Analysis: Technical Outlook & Trading Strategy for 2024 Pivots,

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. Symphony Limited (SYMPHONY) is currently experiencing significant volatility. The stock, priced at 1405.05, is trading 25.30% lower than its 52-week high but 71.35% higher than its 52-week low. In recent days, the stock has seen price swings, with notable declines such as the one on November 21st. Despite this, Symphony has shown resilience and remains near key support levels.

Support is seen around 1375, and the stock has been testing this level several times recently. If it holds above this support, there could be potential for a bounce, targeting the resistance levels around 1425. Breaking through 1425 may lead to a move toward 1500 in the short term. However, a fall below 1375 could indicate further downside risk.

Looking at the technicals, the Relative Strength Index (RSI) and Stochastic indicators suggest the stock is in an oversold state, indicating the possibility of a reversal. However, the MACD remains negative, confirming bearish momentum for now. The ADX suggests moderate trend strength, while the Awesome Oscillator points to continued bearish sentiment.

The stock is trading below its key moving averages, including the 50-day and 200-day MAs, reinforcing the current downtrend. Nevertheless, a breakout above these levels, especially the 200-day MA at 1315, could spark a bullish reversal.

Traders should monitor the 1375 support closely. A rebound could indicate a short-term buying opportunity, while a sustained breakdown below this level could signal more bearish action.