SHREE CEMENT LIMITED (SHREECEM) Stock - Complete Technical Analysis - Sep 24, 2024

Shree Cement Limited: In-Depth Technical Analysis & Key Support/Resistance 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. Welcome to the technical analysis of Shree Cement Limited, currently trading at 25,912. The stock shows a robust P/E ratio of 42.4, with a book value of 5,650 and a dividend yield of 0.41%. The market reflects a healthy return on capital employed (ROCE) at 15.4% and return on equity (ROE) at 12.8%.

From a technical standpoint, Shree Cement's price is trading 15.7% below its 52-week high of 30,737.75, which occurred on February 1, 2024, and 9.33% above its 52-week low of 23,700, reached on June 4, 2024. The Average Directional Index (ADX) suggests weak trend strength at 15.27, indicating a potential consolidation phase.

The Relative Strength Index (RSI) is at 55.5, suggesting a neutral position, indicating neither overbought nor oversold conditions. Meanwhile, the Stochastic %K at 61.65 supports a bullish bias. The MACD indicates a bearish momentum trend, given its negative value of -13.4. However, the Awesome Oscillator is bullish, showing a positive value of 182.08, suggesting potential upward momentum.

Key support levels to watch are at 25,504, with resistance observed around 27,743. The price action is currently hovering just above the 10-day EMA, which stands at 25,550, further supporting a bullish outlook if it remains above this level. Additionally, the Hull Moving Average is indicating a slight upward trend.

With a volatile average true range (ATR) of 2,098.71, traders should remain cautious, as high volatility can lead to significant price swings. Overall, traders should closely monitor these indicators for entry and exit points while being prepared for possible volatility in the near term.