Supreme Petrochem Limited (SPLPETRO) Stock - Complete Technical Analysis - Oct 10, 2024

Supreme Petrochem Technical Analysis: Key Levels & 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 (SPLPETRO) is currently trading at 797.30, which is 13.95% below its 52-week high of 926.60, reached on July 16, 2024, and 53.79% above its 52-week low of 518.45 from October 10, 2023. The stock shows signs of volatility, particularly highlighted by a recent sharp price drop from 842.10 to 775.05 within just a few trading sessions, reflecting a potential bearish trend.

Over the last five days, SPLPETRO has exhibited fluctuating price movements, opening at 775.05 today, with a high of 810.00 and a low of 775.05. Notably, the stock opened lower on October 9 at 767.50 and rallied to a high of 794.40 before closing at 784.25, indicating a struggle to maintain upward momentum. The last few trading sessions have revealed several gaps in price, especially the transition from 828.80 down to 781.80, signaling a potential area of concern for traders.

From a technical perspective, several indicators are painting a cautionary picture. The Average Directional Index (ADX) is at 26.27, suggesting a strengthening trend, but this is accompanied by a low RSI of 37.62, indicating that SPLPETRO is nearing oversold territory. The Stochastic oscillator at 15.65 further supports this, while the MACD level of -19.16 points to potential bearish sentiment.

The moving averages are also signaling caution; the 10-day EMA is at 817.23, which is above the current price, suggesting resistance. Meanwhile, support can be found around the 810.63 mark based on Fibonacci analysis and the pivot support levels. Investors should watch for a potential reversal at these support levels, with careful attention to any further price surges or drops, as these could indicate a change in trend. Overall, SPLPETRO presents a mixed technical outlook, where traders may want to exercise caution while looking for potential entry points based on price behavior around identified support and resistance levels.