CCL Products (I) Ltd. (NSE) – Weekly ChartTechnical Summary:
Elliott Wave Structure:
The stock is currently in Wave 4 correction after completing Wave 3.
A Wave 5 uptrend is expected once the correction is complete.
Fibonacci Retracement:
0.5 level (~533.25) and 0.382 level (~605.00) are key retracement zones.
The price is near the 514.65 support, a critical zone for a reversal.
RSI Analysis:
RSI is at 36.41, indicating oversold conditions.
RSI moving average is at 47.50, suggesting weak momentum but potential for reversal.
Support & Resistance Levels:
Immediate Support: 514.65
Next Support: 347.30 and 227.38 (in case of further breakdown).
Resistance Levels: 605.00 and previous high of 855.00.
Suggestions & Possible Corrections:
✅ Bullish Case: If the price holds above 514.65, a potential Wave 5 rally could take the stock toward 800+ levels.
❌ Bearish Risk: If 514.65 breaks, the next strong support lies around 347.30.
Final Recommendation:
Monitor price action near 514.65; if it holds, a bullish move can be expected.
Wait for RSI to cross 50 for confirmation of trend reversal.
If price breaks below support, avoid long positions until a new base forms.
