📉 Stock Correction: Supreme Industries has seen a sharp decline of nearly 45% from its all-time high, bringing it down to a critical support zone.
📊 Technical Setup:
✅ 200-Week SMA Test: The stock is currently hovering around its 200-week simple moving average (SMA), considered strong support level.
✅ Fibonacci 0.618 Retracement: The price has corrected up to ₹3,494, aligning with the 0.618 Fibonacci retracement from its recent high of ₹6,451 – a key level where buyers often step in.
✅ MACD Analysis: Momentum indicators suggest oversold conditions, hinting at a potential relief rally or a trend reversal.
📌 Trading Perspective:
🔹 If the stock holds above the ₹3,494 - ₹3,228 zone, we might witness accumulation leading to a potential upmove.
🔹 A breakout above ₹4,059 (0.5 Fibonacci level) could signal further upside potential.
🔹 A failure to hold support might push the stock towards ₹2,690 (0.786 Fib level).
🎯 Levels to Watch:
🔸 Support: ₹3,494 | ₹3,228
🔸 Resistance: ₹4,059 | ₹4,623
📢 What's your view? Will this level hold, or do we see more downside? Share your thoughts in the comments! 🚀📈
📊 Technical Setup:
✅ 200-Week SMA Test: The stock is currently hovering around its 200-week simple moving average (SMA), considered strong support level.
✅ Fibonacci 0.618 Retracement: The price has corrected up to ₹3,494, aligning with the 0.618 Fibonacci retracement from its recent high of ₹6,451 – a key level where buyers often step in.
✅ MACD Analysis: Momentum indicators suggest oversold conditions, hinting at a potential relief rally or a trend reversal.
📌 Trading Perspective:
🔹 If the stock holds above the ₹3,494 - ₹3,228 zone, we might witness accumulation leading to a potential upmove.
🔹 A breakout above ₹4,059 (0.5 Fibonacci level) could signal further upside potential.
🔹 A failure to hold support might push the stock towards ₹2,690 (0.786 Fib level).
🎯 Levels to Watch:
🔸 Support: ₹3,494 | ₹3,228
🔸 Resistance: ₹4,059 | ₹4,623
📢 What's your view? Will this level hold, or do we see more downside? Share your thoughts in the comments! 🚀📈
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.