Syncom Formulations (India) Limited (SYNCOMF) Stock - Complete Technical Analysis - Dec 10, 2024

Syncom Formulations (SYNCOMF) Stock Analysis Key Levels, Technical Indicators & Price Forecast

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. Syncom Formulations (India) Limited's (SYNCOMF) stock is currently facing a mix of technical signals. With a trading price of 22.78, the stock is showing strong price appreciation from its 52-week low, though it's 18.35% below its 52-week high, indicating potential resistance near higher levels. The stock is in a slight consolidation phase, as seen in the recent price action with a minor dip on December 10th.

The stock's Relative Strength Index (RSI) at 62.29 is not in the extreme overbought zone, suggesting it may have room for further movement. However, the Stochastic Oscillator is suggesting an overbought condition, which could lead to some profit-taking or price pullback in the short term. Similarly, the MACD is indicating positive momentum, but the rising Commodity Channel Index (CCI) at 142.32 is another sign that the stock may be overbought in the immediate term, indicating potential downward pressure.

Recent price action shows a Dark Cloud Cover pattern, signaling a possible reversal after the initial rise. This could suggest that a cautious approach is warranted, as the stock may struggle to break through key resistance levels at 23.18 and 25.81. Support appears strong at 20.55 and 19.87, with any break below these levels signaling further weakness.

On the moving average front, the stock has maintained a positive short-term trend, with the 10-day EMA above the 20-day and 50-day SMAs, which suggests the stock remains in a bullish phase. The ATR indicates that volatility remains elevated, so traders should be prepared for sudden moves in either direction.

For traders, the key levels to watch are the resistance zones between 23.18 and 25.81. If these levels are broken, there could be further upside, but any reversal below support at 20.55 could suggest a deeper pullback. Stay cautious around overbought levels indicated by the Stochastic Oscillator and the CCI.