Campus Activewear Limited (CAMPUS) Stock - Complete Technical Analysis - Nov 22, 2024

Campus Activewear Stock Analysis - Key Levels to Watch for Potential Reversal Technical Insights

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. Campus Activewear Limited (CAMPUS) stock is currently trading at 261.45, marking a decline of about 30% from its 52-week high of 371.90. The stock has been on a downward trend recently, with the price dipping from highs of 286.60 to its current levels of 261.45 in the past few days. Despite this, the stock shows a potential reversal signal with the formation of a Bullish Harami pattern, which typically suggests the possibility of an upcoming price rebound.

However, the technical indicators point to caution. The RSI is in oversold territory, suggesting that the stock may be due for a bounce, but the momentum indicators, such as the MACD and Awesome Oscillator, remain negative, confirming the downtrend. The price is currently testing support near 255, and a break below this level could trigger further downside, with the next key support around 236.

Resistance levels are near 265 and 277, which will act as barriers to any potential upward move. Traders should wait for confirmation of a reversal before taking positions, especially if the price starts holding above the 255 mark. Overall, the stock remains under pressure with a bearish outlook in the short term, but a reversal is possible if key levels hold.