Supreme Industries Limited (SUPREMEIND) Stock - Complete Technical Analysis - Nov 08, 2024

Supreme Industries Limited Technical Analysis - Support, Resistance, and Trading Strategy SUPREME

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. Detailed Technical Analysis for Supreme Industries Limited (SUPREMEIND)

Supreme Industries Limited (SUPREMEIND) is currently facing a neutral to bearish trend, with the stock trading at 4,597, significantly lower than its 52-week high of 6,460. This drop in price suggests a retracement after reaching its peak earlier this year. The stock is now trying to find a stable trading range.

Support for the stock is being tested at 4,550, and if this level is breached, we could see further downside towards the 4,200 and 4,000 regions. On the other hand, resistance appears at 4,750, and should the stock manage to push past this, it could target higher levels around 5,000 and 5,200.

Looking at the momentum indicators, the RSI at 44 suggests the stock is in a neutral zone, not showing any immediate signals for a trend reversal. The ADX at 37 signals a strong trend, but the direction is unclear for now. The MACD remains negative, signaling weak momentum, and price action is trading below critical moving averages, such as the 200-day and 50-day EMAs, further suggesting a bearish bias in the near term.

The ATR (Average True Range) shows elevated volatility, signaling that the stock could experience sudden price movements, which traders need to be mindful of. A breakout above 4,750 could signal a potential shift in the trend, while a fall below 4,550 could point to more downside. With such volatility, using stop-loss strategies is crucial.

In conclusion, traders should monitor key levels at 4,550 (support) and 4,750 (resistance). A break of either level could offer trading opportunities, either towards the downside or a potential rally.