Supreme Petrochem Limited (SPLPETRO) Stock - Complete Technical Analysis - Sep 27, 2024

Supreme Petrochem: Key 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. Supreme Petrochem Limited is currently trading at 875, indicating a moderate position within its recent range. The stock has shown impressive resilience, currently trading approximately 5.57% below its 52-week high, while it stands 87.81% above its 52-week low. The current P/E ratio of 41.2 suggests that the stock may be priced for growth, reflecting investor confidence.

In terms of technical indicators, the RSI is hovering around the neutral zone, indicating a balanced market sentiment, while the MACD shows bullish momentum. The Average Directional Index (ADX) is relatively low, which suggests a lack of strong directional movement. The Stochastic and Williams %R indicate that the stock is nearing the mid-range, which may present opportunities for potential entry points.

Today's price action has formed a spinning top candle, which signals indecision among traders. The recent bullish harami pattern supports the possibility of upward movement, while the inside candle pattern indicates a consolidation phase, suggesting that a breakout may be on the horizon.

Key support levels to watch are near the 848 mark, with additional support at lower pivot levels. Resistance is expected around 912, with the potential for significant upside should the stock break through these levels. Traders should monitor price movements closely as the stock navigates this critical zone.