Suprajit Engineering Limited (SUPRAJIT) Stock - Complete Technical Analysis - Nov 22, 2024

Suprajit Engineering Limited Technical Analysis Key Levels and Insights Stock Trend Analysis

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 Stock Technical Analysis

Suprajit Engineering Limited is trading at 450.40, showing a 29.58% drop from its 52-week high of 639.6, signaling significant downward momentum. The latest Spinning Top candlestick suggests indecision in the market, indicating a lack of clear direction. The stock has been testing lower levels recently and is trading below its 10-day and 50-day Exponential Moving Averages (EMA), which are currently at 468.56 and 499.22 respectively, indicating a downward trend.

The RSI (Relative Strength Index) is currently at 34.11, suggesting that the stock is in oversold territory and might be due for a rebound if buying pressure increases. However, the MACD remains negative, indicating bearish momentum in the near term. The Stochastic RSI further confirms the weak price action, as it remains low.

Support is visible around 480.53, and breaking this level could lead to further downside towards 446.92, the next significant support from the Classic Pivot levels. On the other hand, a break above 507.72 would indicate that the stock could regain upward momentum, especially as it approaches key resistance levels.

ADX (Average Directional Index) at 30.9 shows the presence of a trend, but the Awesome Oscillator and other momentum indicators suggest that the trend is weak. The stock is likely in a consolidation phase, making it crucial for traders to wait for a breakout either above 507.72 or below 480.53 for a clearer direction.

In conclusion, Suprajit Engineering's stock faces bearish pressure, but the RSI suggests a potential rebound if conditions improve. Keep an eye on the key support at 480.53 and the resistance at 507.72 for possible trading opportunities.