Shipping Corporation Of India Limited (SCI) Stock - Complete Technical Analysis - Nov 12, 2024

Shipping Corporation of India Limited (SCI) Technical Analysis: Key Levels to Watch for Traders

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.

Shipping Corporation of India Limited (SCI) has seen notable price fluctuations recently, trading at 222.60. The stock is currently well below its 52-week high of 384.2, showing that it has corrected significantly. On the daily chart, SCI formed a bearish engulfing pattern on November 11, signaling possible bearish sentiment in the short term. Despite this, the stock is still holding above critical support, which suggests there could be a consolidation before the next major move.

Looking at the technical indicators, SCI is exhibiting neutral momentum with an Average Directional Index (ADX) of 28.56, reflecting moderate trend strength. The Relative Strength Index (RSI) is at 47.38, indicating that the stock is neither overbought nor oversold, which suggests the market could be waiting for further price action to make a decision. Additionally, the MACD line is currently in negative territory, pointing towards a possible bearish trend, though a reversal might be seen if buying pressure kicks in.

Support for SCI is seen around 220.44, with the 50-period EMA providing additional support at 236.27. If the stock can maintain above 220, traders may watch for a potential bounce, whereas if it fails to hold, further downside could be in store. Resistance is expected around 237.5, with key levels to monitor for potential breakouts. The volatility is moderate, as reflected by the ATR, meaning that traders should be ready for price swings.

In conclusion, SCI stock is showing mixed signals. Short-term traders should remain vigilant, waiting for a breakout above resistance or a retest of support levels for a better entry point. Keep an eye on RSI and MACD for signs of trend change, particularly if the stock breaks through its support or resistance levels.