Greenply Industries Limited (GREENPLY) Stock - Complete Technical Analysis - Dec 05, 2024

Greenply Industries Stock Technical Analysis Key Support & Resistance Levels Dec 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. Greenply Industries Limited (GREENPLY) stock is currently trading at 342, which is 16.98% below its 52-week high of 411.95. The stock has been in a bearish phase recently, with both a Bearish Engulfing pattern and an Evening Star pattern signaling potential downward movement. These reversal patterns suggest the stock might face additional selling pressure in the near term.

The technical indicators present a mixed outlook. The Average Directional Index (ADX) is low, showing a weak trend, while the Relative Strength Index (RSI) is at 49.27, indicating a neutral position. The Stochastic RSI and %K levels are high, signaling potential overbought conditions, which may result in a price correction.

The moving averages suggest bearish signals, with the stock trading below the 10- and 20-period Exponential Moving Averages (EMA), although it remains above the 50-period EMA. This indicates short-term weakness but some support at the 340-350 range. The 200-period SMA (314.3) may act as a key support level if the stock continues to decline.

In terms of volatility, the Average True Range (ATR) is at around 35, indicating moderate price fluctuations. The overall trend shows that the stock is facing pressure from sellers, which may lead to further downside if it fails to hold above key support levels. Watch for a break below 340, which could signal further weakness toward the 317-314 support zone. On the other hand, a rebound above these levels could suggest a possible move back toward 350-360.