Credo Brands Marketing Limited (MUFTI) Stock - Complete Technical Analysis - Dec 10, 2024

Credo Brands Marketing (MUFTI) Stock Analysis: Bullish Trend or Price 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. Credo Brands Marketing Limited (MUFTI) stock has been showing considerable volatility over the past week, with notable daily price fluctuations. As of December 10, 2024, the stock is trading at 202.74, which is still 37.58% below its 52-week high of 324.8, but has surged 39.63% from its 52-week low. The daily price movements suggest that there is a potential surge in the stock, especially as seen on December 10, where the stock surged from 192.00 to 207.70.

On a technical front, the stock is experiencing upward momentum. The Relative Strength Index (RSI) is currently approaching overbought territory, signaling strong buying activity but also cautioning against potential price reversals. The MACD continues to show positive movement, confirming that the stock is likely to continue its bullish phase. The Average Directional Index (ADX) above 25 also confirms that the stock is in a strong trend, suggesting that momentum is likely to continue.

In terms of price action, support levels can be seen at 191.46, which was observed on December 10. If the stock breaks below this level, a further dip could be seen towards 180. On the upside, resistance is observed near 207, and a successful break above this level could push the stock toward 213 or higher. This makes 207 a crucial price point for traders to monitor.

Given the significant price swings observed over the last few days, it is important for traders to keep an eye on volatility. While the stock is showing strong bullish momentum, short-term price corrections may happen due to overbought conditions. A good strategy could be to wait for confirmation of a breakout above resistance or a dip to support for a more favorable entry point.