Supreme Petrochem Limited (SPLPETRO) Stock - Complete Technical Analysis - Dec 02, 2024

Supreme Petrochem (SPLPETRO) Stock Analysis - Support, Resistance & Technical Indicators NSE Stoc

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 showing signs of indecision in its recent price action, as evidenced by the Spinning Top candlestick and a lack of clear direction in technical indicators. The stock is currently trading at 714.35, about 22.91% off its 52-week high of 926.6. The support level to watch is at 705.5, with resistance near 719.45, making it crucial for traders to observe price action around these levels. The stock has been trading in a range with weak trend strength, as indicated by the ADX reading of 20.4.

On the technical front, the RSI at 41.28 suggests that the stock could be approaching oversold conditions, while the MACD remains negative, indicating bearish momentum. The Stochastic RSI is very high, which could signal an overbought condition, suggesting the potential for a pullback. The stock is also below several key moving averages, pointing to a bearish short-term outlook, although the 10-period EMA offers some near-term support.

Key resistance levels to monitor are around 719.45, with potential upside towards the 738-759 range. Conversely, if the price falls below 705.5, it could test lower levels around 654 to 594. The volatility, measured by the ATR, shows the stock is experiencing fluctuations, making it an appealing candidate for short-term traders.

Investors and traders should focus on key technical levels for potential breakouts or breakdowns. With the stock in a consolidation phase, waiting for a decisive move could provide better opportunities for entry.