Sapphire Foods India Limited (SAPPHIRE) Stock - Complete Technical Analysis - Dec 17, 2024

Sapphire Foods India Stock Analysis: Key Support, Resistance & Indicators Breakdown

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. Sapphire Foods India Limited (SAPPHIRE) is currently trading at 317.4, sitting about 20.85% below its 52-week high and 22.40% above its 52-week low, highlighting a consolidation phase in the stock. Recently, bullish reversal patterns, such as the "Morning Star" and "Bullish Engulfing," have emerged, suggesting the potential for an upward move. Immediate support is at 308.85, with a psychological level at 310. If this level holds, the stock could see a potential rebound. On the resistance side, 318.7 and 319.9 mark key levels to watch. A breakout above these levels could trigger further upward movement, with the next target near 325.

Technical indicators provide a mixed picture. The RSI is at 44.22, suggesting neutral conditions. The MACD is in negative territory but close to the zero line, indicating potential for a reversal if the stock rises above 319-320. The ADX, at 22.07, indicates moderate trend strength, suggesting that the market is currently in a consolidation phase. The Awesome Oscillator is positive, adding support to the potential for a bullish breakout. Stochastic RSI and Williams Percent Range are in oversold conditions, pointing to a possible short-term rebound. Traders should watch for a move above 318.7 or a breakdown below 308.85 to capture the next move.