Universal Cables Limited (UNIVCABLES) Stock - Complete Technical Analysis - Nov 01, 2024

Universal Cables Stock Analysis: Key Levels, Trends, and Trading Insights

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. Universal Cables Limited's stock, currently priced at 665.55, reveals critical insights for traders. It stands at 29.05% below its 52-week peak of 938 and 72.87% above its 52-week trough of 385, showcasing notable price movement over the year. Recent sessions indicate volatility with highs and lows illustrating price fluctuations, particularly on November 1, where it touched a low of 650.65 before recovering.

The technical indicators reveal an ADX reading of 12.74, suggesting weak trend strength, while the RSI at 51.87 indicates a balanced market sentiment. The Stochastic is high, hinting at potential overbought conditions, yet the negative MACD signals caution for bullish positions.

Support levels are likely around 650, with resistance at 690. Observing for price surges or drops is crucial as this could impact trading strategies. Traders should consider waiting for price action confirmation before entering positions, particularly above 690 for a bullish breakout or below 650 for potential bearish signals.