Century Plyboards (India) Limited (CENTURYPLY) Stock - Complete Technical Analysis - Sep 27, 2024

Century Plyboards Technical Analysis: Key Support & Resistance Levels Revealed

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, we're diving into the technical analysis of Century Plyboards (India) Limited, currently trading at 876.10. The stock exhibits a strong upward trend but has recently formed a spinning top candle pattern, indicating indecision in the market. With the Relative Strength Index (RSI) nearing overbought territory and a high Average Directional Index (ADX), this stock shows significant momentum.

Support levels are around 862 and 846, while resistance can be found at 899 and 935, which is the recent 52-week high. The MACD shows positive momentum, while the Stochastic indicates it might be overbought, hinting at a potential pullback. The Awesome Oscillator also confirms bullish sentiment.

Overall, traders should watch for confirmation of movement towards resistance levels while keeping an eye on the indicators for signs of reversal. Remember, with a current P/E of 63.8 and solid fundamentals, Century Plyboards may continue to attract attention, but prudent risk management is advised given the current market signals.