Carborundum Universal Limited (CARBORUNIV) Stock - Complete Technical Analysis - Nov 08, 2024

Carborundum Universal Limited (CARBORUNIV) Stock Technical Analysis: Key Levels & Market Trends

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. Carborundum Universal Limited (CARBORUNIV) currently trades at 1,425.90, sitting 22.55% below its 52-week high of 1,841.15. The stock has been on a steady recovery since touching its 52-week low of 1,025.60. Technically, the stock is in a consolidation phase, indicated by the neutral RSI of 48.17 and a weak trend as shown by the ADX reading of 10.86. The recent candlestick pattern is a Spinning Top, signaling indecision in the market.

Looking at moving averages, the stock is trading just below its short-term Exponential Moving Averages (EMAs), especially the 10-period EMA at 1,418.18, indicating potential resistance. Immediate support is seen at the 1,400 level, while resistance is evident at 1,460. A breakout above 1,460 could trigger a bullish move, while a fall below 1,400 would signal further downside potential.

Volatility is a key factor here, with the ATR showing significant price swings. Traders should keep an eye on the breakout levels for clearer direction.