Shreyas Shipping & Logistics Limited (SHREYAS) Stock - Complete Technical Analysis - Oct 04, 2024

Shreyas Shipping & Logistics: Key Support & Resistance Levels You Must Know

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, well analyze Shreyas Shipping & Logistics Limited stock, currently trading at 332.50. The stock has shown some volatility, with the last five days indicating mixed movement. We noticed a sudden price drop from 354.20 on October 1st to 332.50 today. This indicates potential profit booking or bearish sentiment.

The Relative Strength Index (RSI) is near neutral levels, suggesting that the stock is neither overbought nor oversold. However, the Average Directional Index (ADX) indicates a weak trend, sitting below key thresholds, suggesting consolidation rather than a strong directional movement. The recent Inside Candle pattern formed on September 23, with a parent high of 369.95 and a low of 320.00, indicates a period of indecision in the market. This could signal a potential breakout or breakdown in the coming days, making it a crucial area to watch.

Resistance is clearly defined at the previous high of 369.95, while support is evident near the low of the recent Inside Candle at 320.00. Traders should monitor these levels closely. The stock is also trading significantly above its 52-week low of 230.20, showing some strength, but still has room to move upwards before reaching its 52-week high of 439.90.

In terms of moving averages, the stock is currently below the 10-day and 20-day Exponential Moving Averages, which could indicate a bearish sentiment. However, the Momentum indicator suggests that there might still be some buying pressure, potentially allowing for a rebound if it breaks above the resistance levels.

For traders, a breakout above 369.95 with sustained volume could be a signal to enter long positions, while a drop below 320.00 could trigger further selling pressure, indicating a need for caution.