Company Overview:

West Coast Paper Mills Limited (NSI: WSTCSTPAPR) is an India-based company primarily producing paper for printing, writing, and packaging. The Company operates through two segments: Paper/Paperboard (including Duplex Board) at Dandeli and Telecommunication Cables at Mysore.

Technical Observation:

On the daily chart, stock prices started to move upward after sustaining above the upper band of a falling channel pattern, indicating a positive momentum buildup in the stock prices. The recent positive movement in the stock is accompanied by a sharp increase in the volumes, further supporting an upward movement. 

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The RSI (14-period) is above the midpoint and moving northward with a current reading of 65.41, indicating a positive momentum buildup in the stock prices. The trend following indicators 21-period and 50-period SMAs are below the current market price (CMP) and may act as the dynamic support levels for the stock in the near future.

Support/ Resistance Summary:

After analysing the current price action and the technical chart, West Coast Paper Mills Limited is likely to continue its current trend. Going by the chart pattern and technical indicators, a sustainable move at current levels may take prices towards the next upside movement. However, a fresh correction might occur in the stock prices if it penetrates its closest support level.

The reference date for all price data, currency, technical indicators, support, and resistance levels is August 11, 2023. The reference data in this report has been partly sourced from REFINITIV.

Note: Trading decisions require a thorough analysis by individuals. The technical analysis article generally charts out metrics that individuals may assess before any stock evaluation. The above are illustrative analytical factors used for evaluating the stocks. Past performance is neither an indicator nor a guarantee of future performance.

One Basic Materials Stock gaining Momentum - West Coast Paper Mills Limited