CCL Products (India) Limited (CCL) Stock - Complete Technical Analysis - Oct 18, 2024

Technical Analysis of CCL Products: Key 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. Today, well dive into the technical analysis of CCL Products (India) Limited, currently trading at 646.55. The stock is about 24.38% below its 52-week high of 855, which it reached on September 4, 2024, and 17.21% above its 52-week low of 551.6 on May 22, 2024.

Price Trends and Volatility: Over the last five days, CCL has shown some volatility, with a notable drop from a high of 676.90 to the current price. This fluctuation indicates potential selling pressure, especially given that it opened at 655.60 today but closed lower. The last closing price of 646.55 reflects a recent downward trend, suggesting that traders should be cautious.

Support and Resistance Levels: Analyzing the price action, we identify key support around 647, aligning with today's classic pivot support. Resistance is observed near 680, which was a point of struggle recently. The stock remains below its Exponential Moving Averages, specifically the 10-day EMA of 666.64, indicating that short-term sentiment may remain bearish.

Indicators Overview: The Average Directional Index (ADX) is at 25.47, indicating a strengthening trend, albeit a weak one. The Relative Strength Index (RSI) is at 36.57, which hints at the stock being near the oversold territory. The Stochastic oscillator also supports this sentiment, showing readings below 25, indicating bearish momentum. Conversely, the MACD is negative, which further suggests downward price movement may continue.

Conclusion: In summary, CCL Products has encountered resistance and is facing bearish momentum, with key support levels to watch closely. Traders should consider these indicators and price levels for potential entry or exit points, keeping a watchful eye on market trends that could influence future price action.