SMC Global Securities Limited (SMCGLOBAL) Stock - Complete Technical Analysis - Dec 09, 2024

"SMC Global Securities (SMCGLOBAL) Stock Analysis: Will It Break Key Resistance Technical & Funda

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. SMC Global Securities Limited (SMCGLOBAL) - In-Depth Technical Breakdown

SMC Global Securities Limited (SMCGLOBAL) is trading at 155.40, representing a 15% pullback from its 52-week high of 183, while showing a strong 58% gain from the 52-week low of 98.3. The stock is currently experiencing a range-bound movement with short-term fluctuations.

Key Price Trends: In the last five trading sessions, the stock displayed fluctuations around the 153-155 levels, with the price opening at 153.50 and surging to 158.90 on December 9. This surge, followed by a close at 155.40, indicates bullish pressure in the short term. Despite this, there are clear resistance zones around 160 and higher levels.

Price Surges and Drops:

December 9 saw a dramatic price surge, reaching a high of 158.90 from 153.50, suggesting strong buying interest. However, there was no clear follow-through from previous sessions where the stock remained relatively stable.

The recent Bearish Harami pattern is a sign of potential consolidation or reversal if selling pressure increases in the coming sessions.

Volatility and Reversals: With an ATR consistently over 10, the stock is showing moderate volatility. Recent patterns like Doji and Spinning Tops reflect indecision in market direction. While this may signal reversals, the stock has stayed above major support levels, suggesting more upside potential if the market sentiment remains bullish.

Support and Resistance Levels:

Immediate Support: 152.11 (recent low).

Immediate Resistance: 155.95 (previous high), with major resistance near 160 and 167.

Pivot Points:

Classic Pivot: 146.59

Resistance 1: 160.17

Support 1: 139.27

Technical Indicators:

MACD: Positive, indicating an ongoing bullish momentum.

RSI: At 60.05, the stock is in neutral territory, signaling no immediate overbought condition.

ADX: At 13.35, the weak trend strength suggests more consolidation than a strong directional move.

Stochastic RSI: At 95.17, it signals potential overbought conditions, possibly setting up for a pullback.

Conclusion: SMCGLOBAL is experiencing moderate volatility with signs of bullish potential. It is important to watch key resistance levels around 160 and support near 152.11. Traders should be cautious of potential pullbacks due to overbought indicators but can look for breakouts above 160 for further upside.