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Supreme Industries Limited (SUPREMEIND) Stock - Complete Technical Analysis - Oct 23, 2024
Supreme Industries Stock Analysis: Bearish Signals & 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. The technical landscape for Supreme Industries Limited, trading at 4,593, indicates a struggle for upward momentum following a significant decline from its 52-week high of 6,460. The recent price behavior demonstrates substantial volatility, evident in the formation of Doji and Spinning Top patterns, reflecting market indecision. Today's trading range, with an opening at 4,599, a high of 4,794.70, and a low of 4,180, illustrates a volatile session.
The indicators suggest bearish conditions, particularly with the MACD in negative territory and the RSI approaching oversold levels. The Stochastic RSI and Williams Percent Range also indicate oversold territory, hinting at a potential for a corrective bounce. Support levels are identified at 4,180, while resistance is noted at 4,794, with a crucial psychological level at 5,000.
Traders should remain vigilant for breakouts above resistance or breakdowns below support, as these movements could guide future price action. Given the volatility, a strategic approach focusing on potential bounces near support may offer short-term trading opportunities.
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