Suzlon Energy shares: Multibagger stock overbought on charts, gearing up for next leg of rally? 

Suzlon Energy shares snapped four days of gaining streak ahead of the firm's Q4 earnings set to be announced today. The multibagger stock is set for another leg of rally, said technical analysts adding that the stock has broken past from its resistance level of around Rs 60 during the recent rally. 

Suzlon Energy stock has risen 24% since May 9 taking into account today's correction. Amid the bull run, the stock has entered the overbought zone with its RSI at 71.3. An RSI above 70 signals a stock is trading in the overbought zone. 

Suzlon Energy stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages. 

Analysts threw light on the next resistance and support levels along with the price targets for the Suzlon Energy stock. 

Here's what they said on the outlook and price targets of the company. 

Shitij Gandhi, Senior Research Analyst (Technicals), SMC Global Securities said, "Technically, the stock has delivered a decisive breakout above its key resistance level of Rs 62, following an extended consolidation phase. The immediate support zone is now established between Rs 60 and Rs 58, with the overall bias remaining bullish as the stock sustains above all critical moving averages on both daily and weekly timeframes. Given the current momentum, the stock is well-positioned to advance toward the Rs 75–Rs 78 range in the coming weeks. Investors and traders may consider this breakout as a potential opportunity, with strict risk management around the stated support levels."

Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox said, "Suzlon Energy is trading strong at Rs 66.55, continuing its bullish momentum with a steady rise in volumes. The stock recently broke past its consolidation zone near Rs 60 and is now approaching a crucial resistance in the Rs 69–70 zone. A decisive breakout above this level could trigger the next leg of the rally, potentially attracting strong follow-through buying."

"Indicators are supportive—RSI is in bullish territory near 72, ADX shows strengthening trend momentum, and MACD has turned positive. With multiple buy signals already triggered and price holding above key moving averages, the setup favors further upside. Traders should watch for a clean breakout above Rs 70 for confirmation of upward traction. However, the bullish view would be negated on a close below Rs 60, which would indicate a potential failure of the current breakout attempt. Until then, dips may be seen as buying opportunities," added Ranadive. 

Suzlon Energy is a provider of renewable energy solutions. The  company is a producer of wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management.