Southern Petrochemicals Industries Corporation Limited (SPIC) Stock - Complete Technical Analysis - Oct 01, 2024

SPIC Technical Analysis: Support, Resistance & Market Trends Unveiled

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.

Southern Petrochemicals Industries Corporation Limited (SPIC) is currently trading at 86.4, showing a notable 19.67% decline from its 52-week high of 107.5 and a significant 35.77% increase from its 52-week low of 63.6. The stock's P/E ratio stands at 12.2, indicating a reasonable valuation in the current market.

In recent trading sessions, we observed some volatility. The stock opened at 85.80 on October 1, 2024, with a low of 85.44 and a high of 88.65, closing at 86.35. This movement reflects a slight upward trend amidst fluctuations. Over the last week, there have been signs of price trends; particularly, the high of 88.65 indicates a resistance level that traders should watch closely. Support is expected around the recent low of 85.44.

Looking at technical indicators, the MACD is showing a negative divergence, suggesting potential bearish pressure in the near term. However, the RSI at 49.2 indicates that the stock is neither overbought nor oversold, presenting a balanced outlook. The Average Directional Index (ADX) at 16.62 signifies weak trend strength, implying that SPIC may be experiencing consolidation.

The presence of a Stochastic RSI of 47.88 suggests the stock is in a neutral zone, while the Bull Bear Power at 2.12 indicates some bullish sentiment may persist. The stock's volatility is evident with an ATR around 17, pointing to significant price movement in recent sessions.

In summary, SPIC is in a phase of consolidation, with immediate resistance at 88.65 and support at around 85.44. Traders should monitor these levels closely for potential breakout or reversal opportunities.