Salasar Techno Engineering Limited (SALASAR) Stock - Complete Technical Analysis - Sep 11, 2024

Salasar Techno Engineering Stock Analysis: Bullish Trend or Bearish Reversal NSE Technical Insigh

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.

Technical Analysis for Salasar Techno Engineering Limited (SALASAR)

Salasar Techno Engineering Limited is currently trading at 22.08, reflecting a strong position relative to its recent performance. The stock is 34.96% below its 52-week high of 33.95, reached on February 7, 2024, and 152.92% above its 52-week low of 8.73, which occurred on October 26, 2023.

Support and Resistance Levels:

Support Levels: The major support levels to watch are around 17.90 (Classic Pivot), 18.07 (Camarilla Pivot R1), and 18.30 (Fibonacci Pivot S1). These levels are crucial as they indicate potential buying zones if the stock retraces.

Resistance Levels: Key resistance points include 23.17 (Woodie Pivot R3) and 21.45 (Classic Pivot R2). If the stock breaks above these levels, it could indicate bullish momentum.

Chart Patterns:

Bearish Reversal: A Shooting Star pattern has formed, suggesting potential for a bearish reversal. The pattern shows an open of 21.75, a high of 23.10, a low of 21.71, and a close of 22.08.

Bullish Continuation: The Three White Soldiers pattern indicates a bullish continuation. This pattern is characterized by three consecutive strong bullish candles, reflecting ongoing buying interest.

Technical Indicators:

MACD: The MACD is currently positive, indicating a bullish trend.

RSI: At 75.76, the RSI is in the overbought zone, suggesting the stock might be due for a pullback.

ADX: With an ADX of 22.37, the trend strength is moderate.

Stochastic %K: At 88.84, it signals that the stock is overbought.

Stochastic RSI Fast: The Stochastic RSI at 100.0 confirms the overbought condition.

CCI: A CCI of 227.42 indicates the stock is significantly overbought.

Awesome Oscillator: Positive at 2.04, suggesting a bullish trend.

Williams %R: At -17.74, it confirms the overbought status.

Bull Bear Power: Positive at 5.74, suggesting bullish momentum.

Ultimate Oscillator: At 61.22, it shows a strong bullish trend.

Moving Averages:

Exponential Moving Averages (EMAs): Shorter-term EMAs (10, 20) are above longer-term EMAs (50, 100, 200), which is typically a bullish sign.

Simple Moving Averages (SMAs): Similar to EMAs, short-term SMAs are above the longer-term SMAs, supporting a bullish trend.

Volatility:

The Average True Range (ATR) indicates significant volatility. Recent ATR values show a range between 145 and 207, suggesting substantial price movements.

Conclusion: Salasar Techno Engineering Limited's current technical indicators and chart patterns suggest a bullish trend, but the overbought conditions indicated by RSI, Stochastic RSI, and CCI may signal a potential pullback or consolidation. Traders should watch the key support and resistance levels closely for potential trading opportunities.