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  • Jun 8, 2023 - Suzlon Energy Share Price: Technical Breakout Suggests Bullish Trend

Suzlon Energy Share Price: Technical Breakout Suggests Bullish Trend

Jun 8, 2023

Suzlon Energy is a company engaged in the renewable energy sector, specialising in wind energy solutions.

Suzlon Energy share price is currently trading at its 52-week high, indicating strong price momentum and investor interest.

Moreover, the recent technical breakout from a long-standing resistance level further reinforces the notion this could be a new beginning for the stock.

The breakout suggests the stock has managed to overcome significant selling pressure and has entered a potentially bullish phase.

This development has attracted attention from traders and investors, who see it as a signal of a possible upward trend in the stock's price.

Technical Breakout

Let's look at Suzlon's weekly chart below and try to understand the possible breakout.

Suzlon Weekly Chart


The recent price action witnesses the breakout from a 72-week resistance level indicating a strong bullish momentum and potentially signals a reversal in the stock's long-term downtrend.

The breakout suggests that the stock is seeing significant buying interest, as it has surpassed a key level of historical selling pressure.

Additionally, the stock price is exhibiting a higher high - higher low formation, on the chart. This is a bullish trend pattern as per Dow Theory.

This pattern indicates that each successive high and low in the chart is higher than the previous one. This pattern reflects an increase in demand for the stock.

A word of caution

It's important to note that Suzlon Energy tends to trend strongly only when the broader market is nearing all-time highs.

These stocks are influenced by market sentiment and overall market conditions, particularly in the renewable energy sector.

It's best to monitor the broader market trend, as well as the performance of other stocks in the renewable energy sector.

Also consider fundamental factors, such as the company's financial health and industry outlook. This can provide a comprehensive view for making investment decisions.

At present, Suzlon Energy is trading at Rs 13.32, down over 7% from its previous close of Rs 14.40.

The stock touched its 52-week high price of Rs 14.59 yesterday. It has a 52-week low of Rs 5.4 touched on 27 July 2022.

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Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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1 Responses to "Suzlon Energy Share Price: Technical Breakout Suggests Bullish Trend"

Chandrakanth shetty

Jun 9, 2023

There are lot of things in this company
The company has successfully managed it debts
E en this quarter the it is p ok stive zone.
It is in this activity for last two decades and with all odds it is giving results
The order book is full it have choose and implement
Even company sell small stake also it will getgood money.
Even the upward movement is also in study scale do day by day company is getting stronger.
No doubt it may touch 100 shortl

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