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Everest Industries Limited (EVERESTIND) Stock - Complete Technical Analysis - Dec 09, 2024
Everest Industries (EVERESTIND) Technical Analysis Support, Resistance & Trading Insights Dec 20
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.
The current technical analysis of Everest Industries Limited (EVERESTIND) shows a stock that is experiencing short-term fluctuations but remains significantly lower than its 52-week high. Trading at 808.20, the stock is 44.30% off its 52-week high of 1450.95, suggesting that it has been in a correction phase. Despite being above its 52-week low by around 7.40%, the stock still shows signs of volatility.
Looking at the recent price movements, we see a series of price drops followed by some recovery. For instance, on December 9th, the stock opened at 815.10, reached a high of 822.45, and then closed at 808.20. This indicates that despite the price fluctuations, there isn't a clear upward momentum yet, suggesting a wait-and-watch situation for short-term traders. The stock has faced significant resistance in recent sessions, as seen on December 5th when the price reversed from a high of 834.35, closing at 815.50, indicating potential selling pressure.
On the technical indicators, the RSI at 36.21 indicates an oversold condition, potentially signaling that a price reversal could occur in the short-term. The MACD at -48.5 further supports the bearish momentum, but the stock's low RSI level suggests the downside may be limited.
The Exponential Moving Averages (EMAs) across the short to medium term indicate a bearish trend as the stock is trading below the 10, 20, and 50-period EMAs. This is reinforced by the steep decline in the EMAs, which suggests that the bearish pressure may persist unless the stock shows a clear reversal above these levels.
For traders, important levels to watch are 800-810 on the downside, where the stock has seen some support recently. The resistance levels remain at 830-840, which if breached, could open the door for further upside. Traders should monitor these levels carefully and be prepared for potential volatility, especially with the high ATR indicating significant price movement in both directions.
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