Syngene International Limited (SYNGENE) Stock - Complete Technical Analysis - Dec 16, 2024

Syngene International (SYNGENE) Stock Analysis: Support, Resistance, and Market Trends

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. Syngene International Limited (SYNGENE) is currently trading at 868, slightly below its recent high and well above its 52-week low. The stock is exhibiting indecision, as seen in recent candlestick patterns like the Spinning Top. The price recently peaked near 908 but faced a pullback. This suggests 900 is a key resistance level for the stock.

When examining key indicators, the RSI is at 43.58, which indicates the stock could be near oversold levels, potentially signaling a buying opportunity. However, the MACD remains positive at 1.06, implying some bullish momentum, but the Awesome Oscillator is negative, suggesting underlying bearish pressure. The ADX is low at 17.89, indicating weak trend strength and caution for traders.

Moving averages reveal a bearish short-term trend, with the stock trading below its 50-day and 200-day Exponential Moving Averages. The 50-day EMA is at 884.39, and the 200-day EMA is at 815.02, indicating resistance in the short term. However, the price is still above the long-term 200-day EMA, signaling overall bullish sentiment for the stock.

In terms of support, immediate support is at 865, with a stronger support level around 839. Resistance is positioned at 905 and higher at 914. The stock is also exhibiting significant volatility, with the ATR at 47.61, suggesting that price movements could be substantial in either direction. Traders should be prepared for potential breakouts or breakdowns based on these levels.

In conclusion, Syngene stock is currently in a consolidation phase with mixed signals. The immediate focus should be on support around 865 and resistance at 905. A break above 905 may signal a reversal to the upside, while a break below 865 could indicate further downside risk. Keep an eye on volatility and prepare for swift moves in either direction.