Universal Cables Limited (UNIVCABLES) Stock - Complete Technical Analysis - Sep 02, 2024

Universal Cables Technical Analysis: Key Support

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.

Let's dive into the technical analysis for Universal Cables Limited (UNIVCABLES). Currently, the stock is trading at 710.00, which is approximately 24.31% below its 52-week high of 938.0 and about 84.42% above its 52-week low of 385.0.

Support and Resistance Levels:

Support Levels: The stock has strong support around 606.23 (Classic Pivot S1) and 498.32 (Classic Pivot S2). These levels have historically provided a cushion for the price, preventing further declines.

Resistance Levels: Key resistance is observed at 772.12 (Classic Pivot P) and 880.03 (Classic Pivot R1). If the stock surpasses these levels, it could pave the way for further gains.

Technical Indicators:

Moving Averages: The stock is trading just below its 10-day EMA (706.68) but above its 20-day EMA (722.79). The 50-day SMA (766.26) and 200-day EMA (614.77) indicate a longer-term uptrend.

RSI: The RSI is at 44.34, suggesting that the stock is currently in neutral territory, not overbought or oversold.

MACD: The MACD is negative at -21.42, which might indicate bearish momentum. However, it's essential to watch for any crossover signals.

ADX: The ADX is at 14.51, showing a weak trend, indicating that the stock is in a consolidation phase rather than a strong trend.

Stochastic Oscillator: The Stochastic %K is at 44.5, signaling that the stock is neither in overbought nor oversold conditions. The Stochastic RSI Fast is quite high at 90.93, which may suggest potential overbought conditions.

CCI and Williams %R: The CCI is at -17.7 and Williams %R at -39.58, both suggesting a neutral sentiment without extreme conditions.

ATR: The ATR value of 33.24 indicates moderate volatility, which traders should consider when planning their trades.

Chart Patterns:

Inverted Hammer: The stock has formed an Inverted Hammer pattern. This is generally a bullish reversal pattern but might be less reliable in this case due to the lack of strong confirmation signals.

Pivot Points:

Classic Pivot: 772.12

Camarilla Pivot: 772.12

Fibonacci Pivot: 772.12

Woodie Pivot: 758.53

The stock's current price around 710 is positioned between the classic pivot point and support levels, suggesting potential trading opportunities around these levels.

Overall, UNIVCABLES seems to be in a consolidation phase with moderate volatility. Traders should watch for breakouts above resistance or breakdowns below support levels to gauge the next movement.