Suzlon Energy share price returned to the upside on Monday as it gained 2.2% to close the day at Rs 58.09. The stock has been attempting a reversal in recent days, rejecting action below Rs 54.00. In addition, it has registered gains of 5.24% in the last five sessions. However, the momentum on the coin is still downward-leaning, with a return of -14% in the last month.
As far as the technicals go, Suzlon share price is bouncing off from a double-bottom pattern, making a strong case for the upside. However, it is still below the Volume Weighted Moving Average (VWMA), which is at Rs 59.59 on the daily chart. Therefore, a break above that level could be significant in confirming the reversal.
Suzlon (NSE: SUZLON) has a strong order book with over 5.1 Giga Watts of contracts in the 2024-2025 financial year, offering it a significant cushion against external financial shocks. Also, the company announced last week that it had successfully completed wind power blade testing for We4Ce, a leading wind power developer in the Netherlands.
The test achieved 90 percent of the extreme values in compliance with IEC 61400-Ed 2020 standards, stamping its prominence in wind power technology. That development is likely to attract more clients in the medium-term, adding credence to Suzlon share price upside.
Suzlon Share Price Forecast
Pivot: Suzlon share price pivots at Rs. 57.30 and the momentum signals the likely continuation of the upside. Action above that level will favour the buyers to be in control. Otherwise, the downside could prevail.
Resistance: The first support is likely to be at Rs 60.15. A stronger momentum could breach that barrier and potentially test Rs 63.30.
Support: Immediate support will likely be at Rs 55.10. However, an extended control by the sellers could break below that level and invalidate the upside narrative. Also, it could strengthen the downward momentum to test Rs 52.30
The post Suzlon Energy Share Price Prediction After Reversal From Key Support appeared first in UK on InvestingCube.