Southern Petrochemicals Industries Corporation Limited (SPIC) Stock - Complete Technical Analysis - Sep 13, 2024

"SPIC Stock Analysis: Key Support & Resistance Levels and Technical Insights for Traders"

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.

Southern Petrochemicals Industries Corporation Limited (SPIC) Stock Technical Analysis

As of the latest data, SPIC stock is trading at 87.6. The technical indicators present a mixed but interesting picture for traders.

Support and Resistance Levels:

Immediate Support: Around 86.25, aligning with classic, Fibonacci, and Camarilla pivot points.

Strong Support: Near 77.29 and 66.8, which could provide robust backing.

Immediate Resistance: Close to 89.57 and 93.68, based on Camarilla and Fibonacci pivot points.

Strong Resistance: Around 105.7 and 117.14, indicating potential hurdles.

Technical Indicators:

MACD: Currently positive, suggesting a bullish trend but watch for potential divergence.

RSI: At 47.48, it indicates a neutral to slightly bearish stance, with room to move either way.

ADX: Reading at 26.64, which implies a strong trend; however, the direction is not clearly defined.

Stochastic Oscillator: At 40.22, suggesting the stock is in the middle of its range, not overbought or oversold.

Awesome Oscillator: Positive at 3.52, signaling potential bullish momentum.

Moving Averages:

Short-term MA (10-day and 20-day): Both at 90.21 and 90.09, respectively, indicating recent downtrend pressure.

Long-term MA (50-day and 200-day): Showing support at 86.87 and 81.24, aligning with the broader trend.

Chart Patterns & Observations:

Volume Weighted Moving Average (20-day): At 90.72, suggesting recent trading volumes are slightly above average.

Ichimoku Base Line: At 87.39, confirming current price levels are near recent equilibrium.

Conclusion: SPIC is experiencing a neutral to slightly bearish trend based on the RSI and recent moving averages. The stock is positioned between critical support and resistance levels, with technical indicators showing a mix of bullish and bearish signals. Traders should monitor the support around 86.25 and resistance near 89.57 for potential breakout or breakdown points. The stock's proximity to the 52-week high and low suggests volatility, so careful monitoring of price movements relative to these levels is advisable.