Paramount Communications Limited (PARACABLES) Stock - Complete Technical Analysis - Aug 30, 2024

"Paramount Communications (PARACABLES) Stock Analysis: Key Levels

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. Paramount Communications Limited (PARACABLES) Technical Analysis

The current price of Paramount Communications is 88.8, showing a strong position relative to its recent highs and lows. The stock is trading approximately 24% below its 52-week high of 116.85 and around 44% above its 52-week low of 61.75.

Support and Resistance Levels:

Classic Pivot Points:

Pivot Point (P): 78.6

Resistance 1 (R1): 88.0

Resistance 2 (R2): 94.38

Resistance 3 (R3): 110.16

Support 1 (S1): 72.22

Support 2 (S2): 62.82

Support 3 (S3): 47.04

Technical Indicators:

MACD: The MACD level is positive, suggesting bullish momentum.

RSI: At 64.72, RSI is nearing overbought territory, indicating potential for a pullback.

Stochastic Oscillator: The %K value is 67.33, which suggests the stock is approaching overbought conditions.

Stochastic RSI: High at 82.56, indicating strong momentum.

ADX: At 18.67, the ADX is relatively low, suggesting a weak trend strength.

Commodity Channel Index (CCI): Positive at 126.05, reflecting strong buying pressure.

Awesome Oscillator: Positive at 8.99, supporting the bullish trend.

Williams Percent Range: At -26.78, indicating the stock is in overbought territory.

Bull Bear Power: Positive at 8.31, suggesting bullish dominance.

Ultimate Oscillator: At 43.63, indicating a moderate buying pressure.

Average True Range (ATR): The ATR values indicate recent volatility, with current levels around 4.08.

Moving Averages:

Exponential Moving Averages (EMAs): The short-term EMAs (10, 20, 30) are above the long-term EMAs (50, 100, 200), showing a bullish trend.

Simple Moving Averages (SMAs): Similar to EMAs, short-term SMAs are above long-term SMAs, indicating an uptrend.

Hull Moving Average (HMA): At 90.03, suggesting strong upward momentum.

Chart Patterns:

Doji: Found in the current chart, indicating indecision in the market.

Spinning Top: Also seen today, confirming the indecisive market sentiment.

Overall, the technical indicators and chart patterns suggest a bullish outlook for PARACABLES with potential resistance around 88.0 to 94.38. However, the RSI and stochastic indicators suggest caution as the stock approaches overbought levels. Traders should monitor these levels closely and be prepared for possible corrections or consolidations in the near term.