Shipping Corporation Of India Limited (SCI) Stock - Complete Technical Analysis - Sep 27, 2024

Shipping Corporation of India: Technical Analysis & Key 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.

Shipping Corporation Of India Limited, currently priced at 267.65, has shown notable fluctuations in its technical indicators. The stock is trading around 30.34% below its 52-week high of 384.2, achieved in July 2024, while being 108.29% above its 52-week low of 128.5 from October 2023. The recent formation of a bearish Harami pattern indicates potential caution for traders, as it may signal a reversal in the uptrend.

Examining the MACD suggests that the momentum is currently leaning towards the bearish side. The RSI is near neutral, indicating that the stock is neither overbought nor oversold, which could allow for further price action. The ADX shows a weak trend, suggesting indecision in the market, with support levels identified around 262.6 and resistance around 271.15. The presence of an inside candle pattern indicates a consolidation phase, with traders likely to wait for a breakout before making decisive moves.

The average true range suggests that volatility may remain moderate, and traders should watch for potential breakouts or reversals around key levels. The moving averages align closely with the current price, reinforcing the idea of a tight trading range. Overall, traders should remain cautious while observing the upcoming price movements to gauge the market's direction.