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

Unveiling SPIC: Is This the Right Time to Invest Technical Analysis Explained

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, commonly known as SPIC, is currently trading at 80.51. This price is about 25.11% below its 52-week high of 107.5, reached in February 2024, while being approximately 25.02% above its 52-week low of 64.4 from June 2024. The stock is exhibiting a mixed technical outlook. Recently, a Doji candlestick pattern and a Spinning Top indicate market indecision, while the formation of a Bullish Harami suggests potential upward momentum, although confirmation is required for a reliable signal.

The current price consolidates near the Classic Pivot Point of 80.05, with MACD indicating bearish momentum and an RSI around neutral levels, implying potential stability. The Average Directional Index (ADX) below 20 suggests a weak trend, indicating traders should be cautious. Volatility levels, as indicated by the Average True Range (ATR), show moderate fluctuations.

In the last five trading sessions, SPIC has displayed a gradual increase in price, with yesterday's closing price marking a higher low, hinting at a potential reversal. Support is seen around 78.21 and 71.46, while resistance levels at 81.31 and 82.86 are critical for future price action. Overall, SPIC is in a phase of consolidation, with the upcoming market sentiment likely influencing its next move. Traders should remain vigilant as price action unfolds in the coming sessions.