Prudent Corporate Advisory Services Limited (PRUDENT) Stock - Complete Technical Analysis - Dec 04, 2024

Prudent Corporate Advisory Services Limited Stock Analysis: Support, Resistance & Momentum Insight

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. Prudent Corporate Advisory Services Limited (PRUDENT) stock is currently trading at 3013.80, which is 19.31% below its 52-week high of 3735.20. With a strong uptrend since hitting a 52-week low of 1135.0, the stock has risen by 165.53%. Heres a detailed analysis to guide traders.

Support and Resistance Levels:

The immediate support lies at 2960.46, with additional support at 2876.56, both based on Camarilla and Fibonacci pivot levels. On the upside, resistance lies at 3047.05, with the next hurdle around 3199.85. Breaking these levels could drive the stock higher towards 3500-3600, possibly testing the 52-week high.

Moving Averages:

PRUDENT is above its short-term (10, 20, and 30-day) moving averages, suggesting bullish momentum. A crossover of the 10-day exponential moving average over the 20-day EMA indicates a positive short-term trend. However, the stock still has room to move upward towards the 100-day and 200-day moving averages, which are in the 2542-2040 range.

Momentum Indicators:

The Average Directional Index (ADX) of 34.27 points to a moderate trend strength, supporting the stock's bullish phase. RSI at 54.91 indicates the stock is not overbought, so there is still room for potential upside. The MACD at 68.75 confirms positive momentum, with the Awesome Oscillator reflecting strong buying interest.

Volatility and Risk:

The Average True Range (ATR) is 35.75, signaling moderate volatility. Recent candlestick patterns (doji and spinning top) suggest indecision, indicating that a breakout or reversal could be imminent. Traders should watch for confirmation of price movements above key resistance or below support to gauge the next move.

Conclusion:

PRUDENT shows strong short-term bullish momentum, supported by its current position above key moving averages and positive momentum indicators. Traders should watch the support at 2960 and resistance at 3047 for a potential breakout. A move above 3200 could signal an extended rally toward the 52-week high. Conversely, a drop below 2960 could indicate a pullback, with potential downside towards the 2700-2800 region.