Shaily Engineering Plastics Limited (SHAILY) Stock - Complete Technical Analysis - Sep 12, 2024

Shaily Engineering Plastics Stock Analysis Key Support & Resistance Levels September 2024

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.

Technical Analysis for Shaily Engineering Plastics Limited (SHAILY)

The stock of Shaily Engineering Plastics Limited is currently trading at 978. The price is notably below its 52-week high of 1914.95, indicating a substantial decline of around 48.91%. However, it remains significantly above its 52-week low of 309.7, reflecting an increase of approximately 215.92%.

Support and Resistance Levels:

Immediate Support: 883.92 (Classic Pivot S1), aligning with the Camarilla S1 and Fibonacci S1 levels.

Immediate Resistance: 1143.32 (Classic Pivot R1), which aligns closely with the Woodie Pivot R1 and Camarilla R1 levels.

Technical Indicators Overview:

MACD: Currently at a positive level, suggesting a bullish trend.

RSI: At 53.69, indicating that the stock is neither overbought nor oversold, but rather in a neutral zone.

ADX: At 25.08, which shows a moderate strength in the current trend.

Stochastic RSI: At 10, suggesting the stock might be in the oversold region.

Awesome Oscillator: Positive, indicating bullish momentum.

Momentum: Negative, reflecting a downward pressure.

Average True Range (ATR): The high volatility in recent periods suggests the stock may experience significant price swings.

Moving Averages:

Short-term: The stock is trading below its 10-day Simple Moving Average (999.85), indicating a short-term bearish trend.

Medium-term: The stock is also below its 20-day Exponential Moving Average (972.12), suggesting continued downward pressure.

Long-term: The stock remains above its 200-day Moving Average (673.63), indicating that long-term trends remain positive despite short-term weaknesses.

Chart Patterns & Observations: The stock shows signs of consolidation around the current price level, with support holding up relatively well. The proximity to the moving averages indicates that any significant breakout could result in a strong trend, either upward or downward. The ATR suggests that traders should be prepared for potential high volatility.

In summary, while the stock is currently underperforming relative to its recent highs, it has a solid support structure that traders can monitor for potential buying opportunities if the price shows signs of stabilizing and turning upwards.