Supreme Industries Limited (SUPREMEIND) Stock - Complete Technical Analysis - Oct 07, 2024

Supreme Industries Stock Analysis: Key Levels and Insights for Traders

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. Supreme Industries Limited (SUPREMEIND) is currently trading at 5,432.80, reflecting a notable 15.90% decline from its 52-week high of 6,460.0. The stock's price has shown significant resilience, as it remains 50.87% above its 52-week low of 3,601.0, indicating a robust recovery since March 2024. Over the past week, we observe a fluctuating trend; the stock opened at 5,348.95 today, reaching a high of 5,500.00 before closing at 5,432.80. This high was just below the critical resistance level at 5,572.95, where the stock previously faced selling pressure.

In analyzing technical indicators, the Average Directional Index (ADX) at 11.37 suggests a weak trend, indicating that the market is currently in a consolidation phase. Meanwhile, the Relative Strength Index (RSI) of 54.21 reflects that the stock is neither overbought nor oversold, suggesting room for movement. The Stochastic %K and Stochastic RSI values, both below 40, indicate bearish momentum, while the Bull Bear Power is positive, suggesting buying pressure.

Examining price action, we note a price surge on October 1, where the stock reached a close of 5,398.15 after opening at 5,336.70. However, it faced resistance in the following days, with noticeable fluctuations, indicating potential volatility. The last five days exhibited gaps between the open and low prices, indicating a degree of indecision among traders. The volatility, highlighted by the Average True Range (ATR), suggests potential price swings in the upcoming sessions.

In summary, traders should watch for resistance around the 5,572.95 mark and support at 5,230.05. A breakout above resistance may lead to a rally, while a failure to hold support could result in further declines. It's crucial to monitor the trading volume and RSI closely for signs of trend reversals.