S. P. Apparels Limited (SPAL) Stock - Complete Technical Analysis - Sep 13, 2024

S. P. Apparels (SPAL) Stock Analysis: Key Support & Resistance Levels, Technical Indicators & Tren

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.

Let's dive into the technical analysis for S. P. Apparels Limited (SPAL) stock. Currently trading at 1,005, the stock is 11.27% below its 52-week high of 1,133.10 and 107.29% above its 52-week low of 485.05. This substantial rise indicates strong bullish momentum over the past year.

Support and Resistance Levels:

Support Levels: Key support is observed around the 928-950 range, aligning with various moving averages and pivot points. A significant support level is also at 724.63, as per the classic pivot point analysis.

Resistance Levels: Immediate resistance is seen around 1,076.73, with further resistance at 1,280.97. The stock also faces strong resistance at 1,280.97 from Fibonacci levels.

Technical Indicators:

MACD: The MACD line is positive, suggesting bullish momentum. A recent crossover might signal potential upward movement.

RSI: With an RSI around 60, the stock is in the neutral zone, indicating balanced momentum. It's neither overbought nor oversold.

ADX: A strong ADX indicates a strong trend. Currently, the trend is robust, with the ADX reading suggesting sustained momentum.

Stochastic Oscillator: The stochastic %K is around 62.75, signaling that the stock might be in the overbought territory, though not excessively so.

Moving Averages: The stock is trading above its short-term moving averages (10, 20, and 30 periods), which suggests a bullish trend. The longer-term moving averages (50, 100, and 200 periods) are lower, supporting the current upward movement.

Chart Patterns:

An inside candle pattern was noted on 12-Sep-2024. This pattern indicates consolidation and may precede a breakout. The stock has traded within the range of 1,001.25 to 1,052.50 for the past two days.

Additional Observations:

The Awesome Oscillator and Commodity Channel Index both show bullish signals, reinforcing the positive outlook.

The Hull Moving Average at 1,040.41 and the Volume Weighted Moving Average at 1,003.41 also support the current bullish sentiment.

Overall, SPAL shows a positive trend with key support and resistance levels well-defined. Traders should watch for potential breakout points and monitor the stock's performance relative to its moving averages and pivot levels.