Supreme Petrochem Limited (SPLPETRO) Stock - Complete Technical Analysis - Nov 12, 2024

Supreme Petrochem (SPLPETRO) Stock Analysis: Key Support, Resistance & Technical Insights Novembe

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) has been consolidating at a price of 713.85, hovering 23% below its 52-week high of 926.6, and 37% above its 52-week low of 521.25. This indicates some potential for price fluctuations within this range.

Looking at the technical picture, SPLPETRO has key support around 693, which aligns with the Classic S1 pivot and recent lows around 702. The resistance zone is between 732-743, with 743 marking the most recent high. A move above this level could see a test of 765-770.

The stock's RSI is in the oversold zone, signaling possible price reversal opportunities. The Stochastic oscillator is similarly oversold, indicating bullish potential if buying pressure picks up. Meanwhile, the MACD shows weak bearish momentum but suggests diminishing downward pressure, possibly pointing to an eventual rebound.

SPLPETRO is currently trading below its key moving averages, indicating a bearish short-term trend. However, a narrowing ATR points towards reduced volatility, which could set the stage for a reversal. Short-term traders should watch for a break above 743 or a drop below 693 for actionable signals. For long-term investors, this stock could be an opportunity if it regains key support levels and shows improved momentum.