Universal Cables Limited (UNIVCABLES) Stock - Complete Technical Analysis - Dec 09, 2024

Universal Cables Technical Analysis Key Levels, Support & Resistance Trading Strategy for 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. Universal Cables Limited (UNIVCABLES) has shown a significant drop in price from its 52-week high, but it remains significantly above its 52-week low. The stock is currently trading at 607.65, which places it in a key support zone. The chart suggests consolidation between 600 and 630, with resistance at 639.2 and 653.66, seen in the 50 and 100-day moving averages. The RSI is at 42.57, indicating a neutral trend with no extreme overbought or oversold conditions. Despite the negative MACD, there's potential for a reversal, as the divergence signals weakening bearish momentum.

The ADX at 14.1 indicates weak directional strength, reinforcing the idea of a consolidation phase. The ATR shows increased volatility, indicating that traders should be prepared for price fluctuations. Key support exists around the 600605 range, and if broken, the stock could test 570. On the upside, breaking the 625640 resistance zone could lead to a potential bullish trend toward 650 and above. Watching momentum indicators like MACD and RSI will be crucial for traders to determine the direction of the move. With the stock's current price action and the prevailing technical setup, this stock is one to watch for potential short-term breakouts or reversals.