Sanofi probable trade set up

il y a 3 jours

Price action analysis for Sanofi India (SANOFI) indicates a bearish trend in the short term. The stock is currently trading below its 20-day Simple Moving Average (SMA) and is in the lower range of its Bollinger Bands, suggesting downward momentum. The price has broken a strong support level of 6257, which could lead to further downward movement.

Key price action indicators:

1. The stock is trading near its recent lows, reflecting strong selling pressure.
2. The current price (as of December 20, 2024) is 6,205.95, significantly below its 52-week high of 10,524.95.
3. The stock has broken its weekly support, indicating a bearish outlook.

Technical indicators supporting the bearish trend:

- ADX (Average Directional Index) is showing a strong sell signal.
- MACD (Moving Average Convergence Divergence) has generated a strong sell signal.
- The Ichimoku cloud is red, with prices below the cloud, suggesting a downtrend.
- CCI (Commodity Channel Index) has generated a strong sell signal.

However, it's worth noting that the RSI (Relative Strength Index) is generating a buy signal in the short term, indicating that selling might be slowing down. This could potentially signal a reversal or consolidation in the near future.

Volume analysis shows that the stock is falling with high volumes, as it's trading below its Volume Weighted Average Price (VWAP) of 6385.21. This suggests that sellers are currently more active in the market.