Supreme Petrochem Limited (SPLPETRO) Stock - Complete Technical Analysis - Sep 20, 2024

Supreme Petrochem: Technical Analysis and Trading Insights

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. Welcome to today's technical analysis of Supreme Petrochem Limited, currently trading at 891. The stock shows a strong upward momentum, being 4.18% below its 52-week high of 926.6 and an impressive 94.84% above its 52-week low of 455.7.

The Average Directional Index (ADX) indicates a weak trend at 20.1, suggesting indecision in market direction. However, the Relative Strength Index (RSI) is around 59, indicating that the stock is neither overbought nor oversold. Stochastic readings and the Awesome Oscillator suggest bullish momentum, as they are trending positively.

The presence of a Doji candle pattern signals market indecision, while the Spinning Top reinforces this uncertainty. Notably, an Inside Candle pattern has emerged, showing potential for a breakout or reversal in the near term.

Support levels to watch include the Classic Pivot at 848.9 and the Fibonacci Pivot at the same level, indicating a strong foundation below the current price. Resistance levels are marked by recent highs around 895, with potential targets around 912.8.

In conclusion, while the stock exhibits solid fundamentals, including a P/E ratio of 41.7 and a ROCE of 22.5%, traders should be cautious due to the current indecisive patterns and watch closely for any breakout signals in the coming sessions.