Sudarshan Chemical Industries Limited (SUDARSCHEM) Stock - Complete Technical Analysis - Sep 10, 2024

Sudarshan Chemical Stock Analysis: Key Resistance & Support 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. Sudarshan Chemical Industries Limited is currently trading at 992, which is about 8% below its 52-week high of 1082, achieved on August 22, 2024. Conversely, it is approximately 127% above its 52-week low of 437.1, recorded on October 26, 2023.

The stock is facing key resistance around the 1010 to 1020 range, where the Exponential and Simple Moving Averages align. If the stock manages to break above this resistance, further gains could be capped around 1050 to 1070. On the downside, support is expected near the 975 to 994 range, corresponding with several pivot points and the Ichimoku Base Line.

Technical indicators present a mixed view. The MACD shows a positive divergence, suggesting upward momentum. However, the RSI and Stochastic RSI indicate the stock is neither overbought nor oversold, reflecting a neutral trend. The ADX points to a relatively strong trend, but the low values suggest it may not be very directional at the moment.

Patterns also show signs of indecision. The presence of a Doji and a Spinning Top pattern suggests that the market is currently in a state of uncertainty, which may lead to potential volatility.

In summary, Sudarshan Chemical Industries Limited is trading below its recent highs and above its lows. Resistance is observed around the 1010 to 1020 range, while support levels are identified near 975 to 994. Current technical indicators suggest a cautious outlook with potential for volatility due to indecision in the market.