Saregama India Limited (SAREGAMA) Stock - Complete Technical Analysis - Dec 18, 2024

SAREGAMA: Shooting Star - Time to Sell

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.

Saregama India Limited (SAREGAMA), currently at 497.45, is trading well below its 52-week high. Recent price action shows consolidation, with today's candle forming a bearish "Shooting Star" pattern. The RSI is neutral at 47. The MACD is negative, indicating a bearish bias. The ADX is very low at 9.6, indicating a very weak trend. The stock is trading below most key EMAs and SMAs (10, 20, 30, 50, and 100-day), a bearish signal, but above its 200 day EMA and SMA. The Stochastic %K is low, and the Stochastic RSI is extremely low, indicating oversold conditions. The Hull Moving Average is near the current price. From a pivot point perspective, the price is near the classic pivot. The ATR indicates very high volatility. In summary, SAREGAMA shows weakness with a "Shooting Star" and negative MACD. While the stock is slightly above its 200 day EMA and SMA, the weak ADX suggests a weak trend. Traders should be cautious and look for downside confirmation, such as a break below the 200-day EMA, before shorting. A break above the 20-day EMA could signal a short-term recovery.