Century Plyboards (India) Limited (CENTURYPLY) Stock - Complete Technical Analysis - Sep 06, 2024

Century Plyboards Technical Analysis: Key Levels

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.

Technical Analysis of Century Plyboards (India) Limited (CENTURYPLY)

The stock of Century Plyboards (India) Limited is currently trading at 812.60, which is 4.34% below its 52-week high of 849.5, and 36.80% above its 52-week low of 594.0. The stock's recent performance reflects a strong upward trend, though it is currently facing some resistance.

Support and Resistance Levels:

Immediate Support: The stock is seeing strong support around the classic pivot level of 762.03 and the Camarilla S1 at 774.17. This is further supported by the recent low of 803.05.

Immediate Resistance: Key resistance levels are around the classic pivot R1 at 843.02, and the Fibonacci R1 at 814.46. The stock recently peaked at 828.8, which aligns closely with these resistance levels.

Technical Indicators:

MACD: The MACD line is positioned well above the signal line, indicating strong bullish momentum.

RSI: The RSI is currently in the overbought territory, suggesting that the stock may be due for a correction.

ADX: The ADX indicates a strong trend, suggesting that the current bullish momentum could continue.

Stochastic Oscillator: The Stochastic %K and Stochastic RSI are both in overbought conditions, reinforcing the idea of a potential pullback.

Moving Averages: The stock is trading above its short-term moving averages (10-day, 20-day), indicating bullish strength. The recent price action has also shown strength relative to longer-term moving averages (50-day and 200-day).

Chart Patterns:

Spinning Top Candle: Today's candle is a Spinning Top, which signifies indecision in the market. This pattern suggests that traders should watch for a potential reversal or a consolidation phase in the near term.

Additional Observations:

The Average True Range (ATR) indicates increasing volatility, which is a sign of larger price swings and should be considered in risk management strategies.

In summary, Century Plyboards (India) Limited is exhibiting strong bullish signals but is currently facing resistance around the 840-850 range. Traders should watch for potential pullbacks or consolidation at support levels and consider these in their trading strategies.