Panama Petrochem Limited (PANAMAPET) Stock - Complete Technical Analysis - Aug 30, 2024

Panama Petrochem Technical Analysis Key Support

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.

For Panama Petrochem Limited (PANAMAPET), the current price is 416, reflecting a significant movement and key technical insights. The stock is currently trading approximately 8.14% below its 52-week high of 452.5 and about 42.84% above its 52-week low of 291. This price range indicates a robust position within its annual trading spectrum.

Looking at the technical indicators, the Average Directional Index (ADX) is relatively low, indicating weak trend strength, while the Relative Strength Index (RSI) is around the neutral level, suggesting that the stock is neither overbought nor oversold. The Stochastic %K and Stochastic RSI are both high, hinting at potential overbought conditions, which could signal a possible pullback. The MACD is positive, indicating bullish momentum, but with caution as the Bull Bear Power is slightly negative, suggesting potential bearish pressure.

The stock shows mixed signals from various moving averages. The Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs) are in a slight uptrend, with shorter-term averages like the EMA (10) and SMA (10) both positioned just above the current price, indicating support. However, longer-term moving averages are below the current price, which may act as resistance if the stock moves higher.

Pivot points reveal that the Classic Pivot point is at 416.33, aligning closely with the current price. Immediate resistance levels are at Classic R1 (449.62) and R2 (485.78), while support is seen at Classic S1 (380.17) and S2 (346.88). Camarilla and Fibonacci pivots reinforce these levels, with Camarilla R1 at 419.82 and S1 at 407.08, and Fibonacci R1 at 442.86 and S1 at 389.8.

Chart patterns show a Doji, indicating indecision in the market, and a Bullish Harami, suggesting a potential reversal from the recent downtrend. The current Spinning Top pattern further supports the notion of market indecision, highlighting the need for caution in trading.

In summary, PANAMAPET's technical outlook presents a mix of bullish and bearish signals, with key support levels providing safety nets and resistance levels offering potential barriers. Traders should watch for confirmation signals and manage their trades accordingly.