Supreme Industries Limited (SUPREMEIND) Stock - Complete Technical Analysis - Sep 04, 2024

Supreme Industries Technical Analysis: Bearish Indicators

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. Analyzing Supreme Industries Limited stock, currently trading at 5,231, shows a mixed technical picture. The Average Directional Index (ADX) is low, indicating a weak trend, while the Relative Strength Index (RSI) suggests the stock is nearing oversold conditions. The Stochastic %K and Stochastic RSI both show significant bearish momentum, confirming potential downward pressure. The MACD line is negative, adding to the bearish sentiment, though the Awesome Oscillator is less conclusive.

The current price is below key moving averages: the 10-day and 20-day exponential moving averages (EMA), as well as the 50-day and 100-day simple moving averages (SMA), signaling short-term and intermediate-term bearish trends. However, the stock is above the 200-day SMA, indicating long-term support. The Hull Moving Average and Volume Weighted Moving Average are also below the current price, suggesting potential resistance around these levels.

The chart pattern shows a Spinning Top candlestick, reflecting indecision in the market. Support is found at the Classic Pivot S1, Camarilla Pivot S1, and Fibonacci Pivot S1 levels, which align closely with the recent lows. Resistance levels include the Classic Pivot R1 and Woodie Pivot R1, indicating where the price might struggle to break through.

Overall, traders should be cautious with the current market signals pointing towards a potential bearish trend, but watch for any signs of reversal or consolidation around key support levels.