Century Plyboards (India) Limited (CENTURYPLY) Stock - Complete Technical Analysis - Dec 16, 2024

Century Plyboards Stock Analysis: Will It Continue the Uptrend or Reverse Detailed Technical Brea

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. Century Plyboards (India) Limited has experienced some fluctuations recently, with the stock currently trading at 839.7. This is about 10.19% below its 52-week high and 34.98% above its 52-week low. Over the past few days, weve seen a mix of price surges and minor pullbacks. Notably, the price moved from 785.65 to 852.65, and then saw a slight retracement to current levels.

Looking at technical indicators, the MACD is positive, and the Awesome Oscillator shows upward momentum, signaling potential for continued strength. The RSI of 63 suggests neutrality with room for growth, although the Stochastic RSI is in overbought territory, hinting at the possibility of a short-term reversal. The ADX reading of 26.53 suggests a moderately strong trend, while other indicators like the Commodity Channel Index and Williams Percent Range support the strength of the current bullish trend.

Support levels are found near the 200-day EMA (758.13) and the 100-day EMA (797.79). Resistance is seen near recent highs, especially around the 879.75 level. However, a Bearish Harami pattern has emerged, indicating the potential for a price reversal, especially if the stock fails to break above 855.

In terms of strategy, traders should watch for a breakout above 855, which could lead to a move towards the 52-week high at 935. On the downside, a break below 830 could trigger further declines, with 800 and 758 providing support. The stocks volatility, as indicated by the ATR, suggests that significant price movements are possible, so its crucial to stay alert.