Sunflag Iron And Steel Company Limited (SUNFLAG) Stock - Complete Technical Analysis - Sep 11, 2024

Sunflag Iron & Steel Technical Analysis: Bearish Trend or Reversal Opportunity NSE Stock Insights

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.

Sunflag Iron and Steel Company Limited (SUNFLAG) Technical Analysis:

Sunflag Iron and Steel Company Limited is currently trading at 207.26, which is 24.62% below its 52-week high of 274.95 and 30.31% above its 52-week low of 159.05.

Technical Indicators:

MACD: The MACD is in the negative zone, suggesting a bearish trend.

RSI: The RSI is in the oversold territory, indicating potential for a rebound or further weakness.

ADX: The ADX is relatively low, implying a weak trend and potential consolidation.

Stochastic Oscillator: The Stochastic %K and Stochastic RSI are in oversold levels, which could suggest a potential reversal or continued weakness.

CCI: The Commodity Channel Index is deeply negative, reinforcing the bearish sentiment.

Awesome Oscillator: This is negative, indicating weak momentum.

Williams %R: This is in the oversold range, which may signal a possible price bounce.

Bull/Bear Power: Bearish power suggests that sellers are dominating.

Ultimate Oscillator: This is below the neutral mark, indicating bearish pressure.

Moving Averages:

Short-Term Moving Averages: The stock is trading below the 10, 20, and 30-day exponential and simple moving averages, which suggests a short-term bearish trend.

Long-Term Moving Averages: The stock is also below the 50, 100, and 200-day moving averages, indicating a longer-term bearish trend.

Chart Patterns:

A Bearish Engulfing pattern has been identified, which typically signals a potential bearish reversal.

An Inside Candle pattern was found, indicating a consolidation phase or potential breakout.

Support and Resistance Levels:

Support: Near the 193.88 level, as indicated by the Classic Pivot S1. Additional support can be observed around the Camarilla Pivot S2 and S3.

Resistance: Near the 234.42 level, as suggested by the Classic Pivot. Other resistance levels are aligned with the Fibonacci Pivot R1 and R2.

Volatility:

ATR (Average True Range): The ATR values suggest moderate volatility, which indicates potential price swings.

In summary, SUNFLAG is currently facing a bearish trend with potential support at 193.88 and resistance around 234.42. Technical indicators point to oversold conditions, but the overall trend remains bearish. Traders should be cautious and watch for any potential reversal signals or further downside risk.