Supreme Petrochem Limited (SPLPETRO) Stock - Complete Technical Analysis - Dec 17, 2024

Supreme Petrochem (SPLPETRO) Stock Technical Analysis: Support, Resistance & Trading 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. Supreme Petrochem Limited (SPLPETRO) is currently trading at 730.80, showing a 21.13% drop from its 52-week high of 926.6. On the other hand, it is 40.20% above its 52-week low of 521.25. The stock's price recently oscillated between 726.00 and 757.50. This price range indicates some level of support and resistance that traders should be aware of.

The ADX value of 20.0 suggests that the stock is currently in a weak trend. The RSI, at 43.87, reflects a neutral position, slightly leaning towards oversold territory. The momentum index indicates that the stock is gaining some momentum, which is supported by the Awesome Oscillator reading of 25.5, indicating bullish pressure.

Support for SPLPETRO lies near 726.00, which corresponds closely to the 20-day Exponential Moving Average (746.32). A fall below this level may trigger further downside, with next potential support around 700. On the upside, the resistance zone begins at 757.50 and stretches up to the 100-day moving average at 771.5.

The stock is facing some pressure from its higher P/E ratio of 33.4, indicating that it's relatively expensive compared to its earnings. This suggests that SPLPETRO's price could face resistance unless the company's earnings growth justifies its current valuation. Despite this, the high ROCE and ROE suggest that SPLPETRO's fundamentals remain strong, which should provide some cushion for the stock.

In summary, SPLPETRO is at a critical juncture. A break above resistance at 757.50 could lead to further upward movement, while a drop below 726.00 could signal a reversal. Investors and traders should watch these levels carefully before making any decisions.