Century Plyboards (India) Limited (CENTURYPLY) Stock - Complete Technical Analysis - Nov 21, 2024

Century Plyboards (CENTURYPLY) Stock Technical Analysis: Support, Resistance & Trend Insights Nov

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. Century Plyboards (India) Limited (CENTURYPLY) is currently trading at 699.80, 25.16% below its 52-week high of 935.00. The stock has recently displayed a spinning top candlestick pattern, indicating indecision in the market. This could imply potential for either consolidation or a reversal. The RSI is in oversold territory, suggesting that the stock may be poised for an upward correction if buying interest increases.

The MACD continues to show a negative momentum, signaling bearish pressure in the short term. The stock is trading below its short-term moving averages, with the 10-day EMA acting as resistance. Further downside is possible if it fails to break above the EMA resistance levels. Key support levels include 807.7, with further support at 766.35. If these levels hold, traders may look for a reversal or consolidation within this range.

The ADX at 30.57 indicates moderate trend strength, which could lead to range-bound movement in the near term. Traders should watch for signs of a potential trend reversal through indicators like RSI and MACD. A break above resistance could trigger an upward move, while a sustained downtrend may take the stock closer to lower support zones.