Testing Critical Support Around 50 EMA After Recent Rally
Updated
✅Suven Life Sciences Ltd is currently testing the 50 EMA, which is acting as a critical support level around ₹124. This level has historically provided a strong base for the stock during pullbacks, and its ability to hold above this level will be crucial for the continuation of the recent uptrend.
✅The stock faces immediate resistance around ₹130-₹135, which has acted as a ceiling in the past. If the stock can maintain its support at the 50 EMA, it might make another attempt to breach this resistance and continue its upward journey.
✅The recent pullback has been accompanied by a decrease in volume, which suggests that the selling pressure may not be very strong. A low volume pullback often indicates that the correction is temporary and may be followed by a resumption of the uptrend.
✅RSI is currently at 44 indicating that the stock is nearing oversold conditions. An RSI below 40 could signal a potential reversal, especially if the stock finds support at the 50 EMA. A move above 50 in the RSI would be a positive sign for the bulls.
✅Suven Life Sciences has been making strides in its drug discovery and development efforts, which have been well received by the market. The company’s focus on innovative therapies and its strong pipeline are expected to drive growth in the coming quarters.
✅The company has reported strong financial performance, with consistent revenue growth and improving margins. This financial strength provides a solid foundation for the stock's long-term prospects.
✅The stock faces immediate resistance around ₹130-₹135, which has acted as a ceiling in the past. If the stock can maintain its support at the 50 EMA, it might make another attempt to breach this resistance and continue its upward journey.
✅The recent pullback has been accompanied by a decrease in volume, which suggests that the selling pressure may not be very strong. A low volume pullback often indicates that the correction is temporary and may be followed by a resumption of the uptrend.
✅RSI is currently at 44 indicating that the stock is nearing oversold conditions. An RSI below 40 could signal a potential reversal, especially if the stock finds support at the 50 EMA. A move above 50 in the RSI would be a positive sign for the bulls.
✅Suven Life Sciences has been making strides in its drug discovery and development efforts, which have been well received by the market. The company’s focus on innovative therapies and its strong pipeline are expected to drive growth in the coming quarters.
✅The company has reported strong financial performance, with consistent revenue growth and improving margins. This financial strength provides a solid foundation for the stock's long-term prospects.
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Non stop rally in Suven more than 23% up after analysis posted
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