Housing & Urban Development Corporation Limited (HUDCO) Stock - Complete Technical Analysis - Nov 19, 2024

HUDCO Stock Technical Analysis Support, Resistance & Price Prediction November 2024

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. HUDCO stock, currently at 206.70, is facing key levels of support and resistance. The spinning top candlestick from today suggests market indecision, and traders may want to wait for confirmation of the next direction.

Looking at the technicals, the stock's immediate resistance lies at 216-217, while support is seen around 200. A breach of 200 could lead to a deeper pullback, with further support near 192. In contrast, a breakout above 217 may push the stock to higher levels around 226-230.

Technical indicators show a strong trend but with potential for consolidation. The ADX at 33.81 indicates a strong trend, yet the RSI at 41.45 and Stochastic RSI show the stock is not in oversold territory yet. The MACD continues to show bearish momentum, indicating further downside could be possible.

Traders should be cautious as the stock is below its key moving averages, particularly the 200-day EMA at 223.36, which acts as a long-term resistance. Pay attention to price action near 200 and 217 to gauge potential breakout or breakdown.