Shipping Corporation Of India Limited (SCI) Stock - Complete Technical Analysis - Dec 17, 2024

"Shipping Corporation Of India (SCI) Technical Analysis Key Levels & Price Action 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. Shipping Corporation of India (SCI) is currently trading at 232.46, significantly below its 52-week high of 384.2, but showing a solid gain of over 50% from its 52-week low of 154.55. The stock has been experiencing some volatile price action, with a recent Spinning Top candlestick pattern indicating indecision among investors. The stock opened at 231.98 on December 16, 2024, tested a low of 231.09, before rallying to 236.30, and closing at 232.46. This type of candle suggests a potential pause or reversal in the current trend, and traders need to remain cautious about further fluctuations.

Looking at key technical indicators, the Relative Strength Index (RSI) is hovering around the neutral 52.46 level, showing that the stock is neither in an overbought nor oversold condition. The Moving Average Convergence Divergence (MACD) at 2.79 points to a slight bullish trend, but with no strong momentum. The Average True Range (ATR) of 16.8 shows that SCI has moderate volatility. The stock is holding above short-term moving averages, such as the 10-day, 20-day, and 50-day EMAs, signaling some short-term bullishness. However, it faces resistance at the 200-day EMA (230.78), which could act as a significant barrier in the longer term.

The Average Directional Index (ADX) is at 19.75, indicating a lack of strong directional movement, suggesting that the current trend lacks conviction. Traders should monitor key support levels near 230-231 and resistance around 238-240. Any break above the resistance levels could lead to a continuation of the uptrend, while a failure to break through these levels could result in a consolidation or reversal. Overall, SCI appears to be in a neutral to slightly bullish phase, and short-term traders should focus on these levels for potential price action.