Shalby Limited (SHALBY) Stock - Complete Technical Analysis - Sep 30, 2024

Shalby Limited: Key Technical Analysis and 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. Shalby Limited is currently trading at 280.25, reflecting a significant position above its 52-week low of 210.35, yet still 17.45% below its 52-week high of 339.5 reached in January. The stock shows a P/E ratio of 28, suggesting that investors are willing to pay a premium for its earnings potential. With a book value of 98.3 and a dividend yield of 0.43%, Shalby presents a balanced mix of growth and income potential.

Technically, the stock's support levels are solidly placed around 271.83, 267.56, and 263.33, while resistance is evident near 294.92 and 318.03, which traders should watch closely. Notably, the presence of bullish patterns like the Bullish Engulfing and Morning Star indicates a potential reversal in momentum, further corroborated by an RSI of 52.43, suggesting the stock is neither overbought nor oversold. The MACD shows positive momentum, signaling an upward trend in the near term.

The Average Directional Index (ADX) is relatively low at 18.66, indicating that the current trend might be weak, but the Awesome Oscillator supports a bullish outlook with a positive reading. Moving averages reflect strong support near 277, providing a cushion against potential dips. Overall, traders may find Shalby Limited attractive for potential short-term gains, especially if it breaks above immediate resistance levels, while monitoring the mentioned support levels for possible entry points.