Stylam Industries Limited (STYLAMIND) Stock - Complete Technical Analysis - Sep 12, 2024

Stylam Industries Technical Analysis: Bullish Patterns & Key Support Levels for September 2024

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. Let's dive into the technical analysis of Stylam Industries Limited (STYLAMIND) stock.

Currently trading at 2106.35, Stylam Industries is seeing a notable market position. The stock is 6.98% below its 52-week high of 2264.5, reached on September 9, 2024, and 48.96% above its 52-week low of 1414.0 from June 4, 2024. This significant range highlights the stock's strong performance over the past year.

Support and Resistance Levels: Key support levels are identified around the 50-day Exponential Moving Average (EMA) at 1942.57 and the 200-day EMA at 1758.19. Immediate resistance is evident near the 52-week high of 2264.5. Watch for potential breakouts if the stock approaches this level.

Technical Indicators:

MACD indicates a bullish trend with the line above the signal, showing positive momentum.

RSI is currently in the overbought zone, suggesting a potential pullback if it moves higher.

ADX is above 20, indicating a strong trend in place.

Stochastic Oscillator and Stochastic RSI are both suggesting that the stock is in a neutral range, but the stochastic RSI is leaning towards a bullish bias.

Awesome Oscillator supports the bullish trend, reflecting positive market momentum.

Chart Patterns:

A Piercing Pattern has formed recently, signaling a potential bullish reversal after a downtrend.

A Morning Star pattern also suggests a bullish reversal, confirming strength in the upward move.

Average True Range (ATR): The ATR values suggest volatility in recent trading sessions, with the stock exhibiting fluctuations, which traders should consider for setting stop-loss levels.

Moving Averages:

The 10-day EMA at 2062.22 and the 20-day EMA at 2019.72 show short-term trends and potential support levels.

The 100-day and 200-day moving averages provide a broader perspective, with 1807.91 and 1731.55 respectively, indicating long-term support.

The stock's recent Inside Candle Pattern on September 9, 2024, shows it has been trading within a tight range, reflecting consolidation before a potential breakout.

In summary, Stylam Industries Limited exhibits strong bullish signals with key support levels around the 50-day EMA and resistance at the 52-week high. Technical indicators and chart patterns reinforce the potential for continued upward movement, though traders should watch for overbought conditions and adjust strategies accordingly.