Supreme Industries Limited (SUPREMEIND) Stock - Complete Technical Analysis - Nov 19, 2024

Supreme Industries Technical Analysis: Price Trends, Support & Resistance Levels Explained

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. Supreme Industries Limited (SUPREMEIND) is currently trading at 4650.25, down 28% from its 52-week high of 6460. This decline suggests a potential buying opportunity as the stock is near its support zone, with a Spinning Top candle formation indicating indecision in the market.

Technical indicators show that the stock is below its short-term moving averages, signaling some bearish pressure in the short term. The RSI is at 48.2, indicating neither an overbought nor oversold condition. The ADX at 30.84 suggests the stock has a moderate trend strength. Traders should watch the price action closely for any signs of price reversal or breakout.

Recent price movements show that the stock is trading between support at 4512 and resistance at 4682. A breakout above the resistance level could lead to a target price of 4800-4900, while a breakdown below 4512 could push the stock towards its 200-day moving average around 4900, which offers solid support.

Overall, Supreme Industries is in a neutral zone, and traders should look for a clear breakout or breakdown from the current levels before making significant trades.