Supreme Industries Limited (SUPREMEIND) Stock - Complete Technical Analysis - Dec 13, 2024

Supreme Industries Stock Analysis: Key Levels to Watch for 2024 - Technical Breakdown and Trade St

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. Supreme Industries Limited (SUPREMEIND) has been displaying significant price movement in recent weeks. As of December 13, 2024, the stock closed at 4803.80, which is 25.64% below its 52-week high of 6460. This suggests a price correction after a strong rally earlier in the year. However, despite this decline, the stock remains up 33.4% from its 52-week low of 3601.

Traders should monitor key technical levels such as 4750 as near-term support, with the possibility of a pullback to 4600 in the event of a broader market decline. On the upside, resistance at 4900 could signal a potential breakout, with targets at 5000 if the stock maintains upward momentum. The stock's RSI of 52.84 indicates neutral market conditions, not signaling any immediate overbought or oversold concerns.

The MACD shows positive momentum, but its decreasing histogram suggests the upward trend could be losing strength, and this could lead to a reversal in price action. The ADX, currently at 20.72, is relatively low, meaning the trend is not particularly strong, and the market could experience volatility or sideways movement. The ATR, showing a consistent increase in volatility, suggests traders should be prepared for price swings.

Additionally, while the price is consolidating, there has been a general pattern of higher lows, which is a positive sign for the stock's support levels. However, investors should be cautious and observe price action closely around the 4900 resistance zone. A breakout above this level may trigger more buying interest, while a fall below the 4750 support zone could signal a deeper correction.

In conclusion, investors should remain cautious but attentive to the key levels discussed. Watch for breakouts above 4900 for potential upside, or a dip below 4750 for downside risks. Keep an eye on volatility indicators like ATR to adjust risk management strategies accordingly.