Universal Cables Limited (UNIVCABLES) Stock - Complete Technical Analysis - Sep 13, 2024

"Universal Cables Stock Analysis: Bullish Patterns vs. Bearish Signals Technical Breakdown"

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Universal Cables Limited (UNIVCABLES) is currently trading at 723.15. In technical terms, the stock shows a mixed picture with notable indicators to watch.

Support and Resistance Levels: The immediate support for UNIVCABLES is around 689.05, which aligns with the Camarilla S1 level. The next significant support levels are at 667.53 (Fibonacci S1) and 606.23 (Classic S1). Resistance levels are seen at 739.25 (Camarilla R1) and 772.12 (Classic Pivot P), with further resistance at 876.71 (Fibonacci R1) and 880.03 (Classic R1).

Trend Indicators: The Average Directional Index (ADX) is relatively low at 12.81, suggesting a weak trend. The MACD is in negative territory, which indicates bearish momentum, though the Momentum indicator is positive, showing some strength. The RSI is around 53.51, suggesting that the stock is neither overbought nor oversold, reflecting a neutral stance.

Moving Averages: The stock's price is currently above the short-term Exponential Moving Averages (EMA) but below the longer-term EMAs, indicating a mixed trend. The EMA(10) is 694.37, while the price is above this level, but it is below the EMA(50) at 719.08 and EMA(100) at 689.25. The price is also slightly above the Simple Moving Average (SMA) of 10 days (689.64), but below the SMA of 50 days (760.81).

Chart Patterns: A bullish continuation pattern known as Three White Soldiers has been identified. This pattern typically signals a continuation of the uptrend and is confirmed by recent price action, where each successive candle shows higher highs and higher lows.

Oscillators: The Commodity Channel Index (CCI) is quite high at 133.07, suggesting an overbought condition. The Stochastic RSI Fast is very high at 80.54, indicating potential overbought conditions. The Williams Percent Range is at -18.16, which is also indicative of overbought conditions.

Volatility: The Average True Range (ATR) is relatively high, reflecting increased volatility, which is currently at around 36.92. This suggests that traders should be prepared for significant price movements.

In summary, while UNIVCABLES has shown bullish patterns and is trading above some short-term averages, the bearish MACD and high oscillators suggest caution. Traders should monitor key support and resistance levels and be mindful of potential volatility.