Supreme Petrochem Limited (SPLPETRO) Stock - Complete Technical Analysis - Oct 18, 2024

Supreme Petrochem Limited: Is a Trend Reversal on the Horizon Technical Analysis

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. Technical Analysis of Supreme Petrochem Limited (SPLPETRO)

The current price of Supreme Petrochem Limited stands at 780.30, reflecting a significant positioning above the 52-week low of 521.25 and 15.79% below the 52-week high of 926.60. Recent price action reveals a spinning top candle, indicating market indecision. This pattern emerged today after a low of 760 and a high of 789.55.

In terms of volatility, the Average True Range (ATR) over the past 14 days is around 39.67, suggesting moderate volatility. The Relative Strength Index (RSI) currently indicates that SPLPETRO is approaching oversold territory at 38.05, while the Stochastic %K is at 19.44, reinforcing this oversold sentiment.

The stock is currently under pressure, with a negative MACD reading and bearish momentum. The Commodity Channel Index (CCI) is also negative, which often signals potential for a reversal or continuation of the downtrend.

Support levels can be identified around 760, while resistance is evident at the 800 mark and further up at the 812 level. Traders should watch for sudden price movements or breaks above resistance, especially with momentum indicators suggesting a potential rebound. Monitoring these indicators and price patterns is crucial for making informed trading decisions in the current market context.