SUPREME INDUSTRIES: Key Support Zone – Accumulation or Relief ?📉 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! 🚀📈
