Sterlite Technologies Limited (STLTECH) Stock - Complete Technical Analysis - Sep 10, 2024

Sterlite Technologies Stock Analysis: Bearish Signals & Key Levels Technical Insights September 2

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. Sterlite Technologies Limited is currently trading at 129, which is around 28% below its 52-week high of 179.05, reached on September 11, 2023. Conversely, it is approximately 18% above its 52-week low of 109.5, observed on June 4, 2024.

From a technical standpoint, the stock is facing resistance around the 135 to 140 range. This level aligns with various pivot points and moving averages, where selling pressure has historically emerged. On the downside, support is likely near the 127 to 122 range, where the stock has previously found buying interest.

Technical indicators paint a bearish picture. The MACD is in negative territory, signaling that the stock is under selling pressure. The RSI and Stochastic indicators are also in oversold zones, suggesting potential weakness. The Commodity Channel Index and Awesome Oscillator further reinforce this bearish sentiment, while the Williams Percent Range and Bull Bear Power indicate that the stock may be oversold.

Patterns are also signaling caution. The Shooting Star pattern, which is a bearish reversal pattern, coupled with the Bullish Harami pattern, suggests possible indecision or a potential bearish reversal in the near term.

In summary, Sterlite Technologies Limited is trading well below its 52-week high and above its low. Resistance is observed around 135 to 140, while support levels are seen near 127 to 122. The technical indicators and patterns suggest a cautious outlook, with potential for a bearish reversal.