- While Suzlon share price trades above 100 and 200 MA levels, its extended decline has sent it below the shorter 5-day, 20-day and 50-day MAs.
Suzlon share price has tested the ₹ 62 neckline on its double-top pattern and extended its losing streak to four successive sessions on Monday, signaling the likely onset of bearish takeover. An extended profit taking amid a broader market weakness has seen the stock’s upside momentum flatten out, with the daily RSI at 36 as of this writing. Suzlon Energy (NSE: SUZLON) was down by 2.4%, drawing nearer to oversold conditions.
While Suzlon share price trades above the 100 and 200 MA levels, its extended decline has seen it go below the shorter 5-day, 20-day and 50-day MAs. That adds credence to the likely continuation of the downtrend, with critical support at the ₹60 psychological mark. A break below that level could exacerbate the buildup of bearish sentiment in the market. Suzlon share price has underperformed the broader market, declining by 7.7% in the last five sessions versus the 1.7% decline recorded by the benchmark Nifty 50 Index and Sensex Index.
The declining prices are accompanied by rising trading volumes, with 80 million shares traded in the last two sessions compared to 67 million traded in the prior two sessions. This signals the strengthening of the downward momentum. Notably, a Madras High court decision to squash a goods and service tax penalty imposed on Suzlon by the Join Commissioner of CGST and Central Excise has failed to calm investors’ nerves.
Suzlon Energy Share Price
Suzlon Energy share price pivots at ₹63.00 and action below that level signals control by he sellers. The stock will likely have its primary support at ₹60.45. An extended control by the sellers will break below that level and potentially test ₹57.90.
On the other hand, breaking above ₹63.00 will put the buyers in control, with initial resistance likely to be at ₹65.30 Breaking above that level will invalidate the upside narrative and the resulting momentum could push the action higher and test ₹67.50.
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