Polyplex Corporation Limited (POLYPLEX) Stock - Complete Technical Analysis - Aug 30, 2024

Polyplex Stock Analysis: Key Support, Resistance, and Indicators NSE Technical Insights

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.

Polyplex Corporation Limited (POLYPLEX) is currently trading at 1,243, showing a decline of approximately 9.58% from its 52-week high of 1,375 and a gain of 65.41% from its 52-week low of 751.65. The stock's performance is shaped by several technical indicators. The MACD line is above the signal line, suggesting a bullish trend, while the RSI is around neutral, indicating no overbought or oversold conditions. The ADX value indicates a strong trend but not necessarily the direction, so traders should look for confirmation from other indicators.

Key support levels are seen at the Classic Pivot S1 of 1,047, with additional support from the Fibonacci S1 at 1,046.19 and the Camarilla S1 at 1,167.65. Resistance levels are highlighted by the Classic Pivot R1 at 1,273.3, with further resistance at the Fibonacci R1 of 1,218.71 and the Woodie Pivot R1 at 1,300.9.

Moving averages reflect a bullish sentiment with the current price above the 10-day, 20-day, and 30-day SMAs. The Exponential Moving Averages also confirm this with the price above the 10-day, 20-day, and 50-day EMAs. The Hull Moving Average and the Ichimoku Base Line provide additional support around 1,215 and 1,210 respectively.

The Awesome Oscillator and the Commodity Channel Index suggest a positive momentum. However, the Stochastic RSI indicates that the stock might be in an overbought condition soon. The ATR indicates volatility, suggesting traders should be prepared for potential price swings. The stock's technical setup suggests a cautious but optimistic outlook, with significant resistance to watch around 1,273 and support to monitor near 1,047.