Supreme Industries Limited (SUPREMEIND) Stock - Complete Technical Analysis - Oct 15, 2024

Supreme Industries Limited: Technical Analysis & Key Levels to Watch

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.

In today's analysis of Supreme Industries Limited, currently trading at 5348.70, we observe a moderately bullish trend with some signs of consolidation. The stock is 17.20% below its 52-week high of 6460, indicating a potential resistance level around this mark, while it is also 48.53% above the 52-week low of 3601, suggesting strong support in that area.

Examining the short-term price movements, we noted recent volatility with a sudden drop from 5448.70 to 5311.25, followed by a brief recovery. The last five trading sessions exhibited lower highs and higher lows, reflecting indecision in the market. On October 15, the stock opened at 5299.80, dipped to 5232, and reached a high of 5397, closing at 5348.70. This activity demonstrates a gap from 5311.25, reinforcing the significance of the 5320 support level, which coincides with several moving averages.

Technical indicators present a mixed picture; the MACD indicates bearish momentum, while the RSI at 50.44 suggests a neutral stance, pointing to potential sideways movement. The ADX at 10.6 shows a weak trend strength, which may result in more price swings. Additionally, the Stochastic oscillator reading at 35.7 suggests the stock is currently oversold, indicating a possible price reversal.

In summary, traders should closely monitor the 5320 level for support and watch for a breakout above the resistance at 5448 to confirm a bullish reversal. Conversely, a drop below 5230 could signal a deeper correction. The current market dynamics call for cautious trading, especially in light of recent volatility and the mixed signals from technical indicators.