Steelcast Limited (STEELCAS) Stock - Complete Technical Analysis - Sep 13, 2024

Steelcast Limited Stock Analysis: Bullish Trends and Key Levels to Watch 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. Today, were diving into the technical analysis of Steelcast Limited (STEELCAS) stock. The current trading price stands at 804, slightly below the 52-week high of 790, but notably above the 52-week low of 575.5. Let's break down the key technical indicators and levels.

Starting with the Average Directional Index (ADX), the value of 29 suggests a strong trend is in place, as a reading above 25 indicates a strong directional movement. The Relative Strength Index (RSI) at 74.89 signals that the stock is in the overbought territory, indicating that a potential pullback or consolidation might be near. The Stochastic %K is at 76.89, also pointing to overbought conditions, and the Stochastic RSI Fast at 69.91 further supports this view.

On the momentum front, the MACD Level at 31.99 suggests a bullish momentum, while the Commodity Channel Index (CCI) at 139.8 indicates that the stock is significantly above its average price, reinforcing the overbought signal. The Awesome Oscillator at 88.68 continues to favor the bullish trend.

Looking at the moving averages, the stock is trading above all its key averages. The Exponential Moving Averages (EMA) of 10, 20, and 30-day intervals are well below the current price, showing a strong uptrend. The Simple Moving Averages (SMA) follow a similar pattern, with the 10-day and 20-day SMAs below the current price, reinforcing the bullish momentum. The Ichimoku Base Line at 720.13 also supports the uptrend.

For support and resistance levels, the stock faces resistance around the 795 mark, and further resistance can be observed near the 804 level. On the downside, the immediate support is around 750, with a more substantial support zone at 680. Given the current technical indicators and price action, traders should monitor these levels closely for potential breakout or reversal signals.

In summary, Steelcast Limited is currently in a strong bullish trend but is showing signs of being overbought. Traders should watch for potential pullbacks or consolidation around these levels, while keeping an eye on the resistance and support zones for potential trading opportunities.