Goodluck India Limited (GOODLUCK) Stock - Complete Technical Analysis - Aug 30, 2024

"Goodluck India Ltd Stock Analysis: Bullish Trend with Key Support

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. Let's delve into the technical analysis of Goodluck India Limited (GOODLUCK) stock. Currently, the stock is trading at 1,164, which is just 1.28% below its 52-week high of 1,179. The stock is 109.82% above its 52-week low of 554.7.

Support and Resistance Levels:

Support: The primary support levels are at the Classic Pivot S1 of 843.25, followed by S2 at 762.0, and S3 at 604.4. The Camarilla S1 is also significant at 910.05, and the Fibonacci S1 stands at 859.4.

Resistance: Key resistance levels include the Classic Pivot R1 at 1,000.85, R2 at 1,077.2, and R3 at 1,234.8. The Camarilla R1 is at 938.95, with R2 at 953.39 and R3 at 967.84. The Fibonacci R1 is at 979.8, with R2 at 1,017.0, and R3 at 1,077.2. The Woodie Pivot R1 is at 1,008.8, with R2 at 1,081.18 and R3 at 1,166.4.

Technical Indicators:

MACD: The MACD is in a strong bullish position.

RSI: The RSI is high, indicating that the stock is overbought.

Stochastic Oscillator: The Stochastic %K and Stochastic RSI are both in overbought territory.

ADX: The ADX indicates a strong trend, though it is not extremely high.

Moving Averages: The stock is above its 10, 20, and 50-day EMAs, suggesting a strong uptrend. The 200-day EMA and other long-term averages are below the current price, which is bullish.

Ichimoku Base Line: The price is above the Ichimoku Base Line, confirming a bullish trend.

Pivot Points: All pivot points (Classic, Camarilla, Fibonacci, Woodie) suggest bullish momentum with various resistance levels above the current price.

Chart Patterns: The stock has formed a Three White Soldiers pattern, which is a bullish continuation pattern. However, todays Spinning Top candle indicates some market indecision.

Volatility:

The ATR values have been fluctuating but remain relatively high, indicating a high level of market volatility.

In summary, Goodluck India Limited is showing strong bullish signals, but caution is advised due to the high RSI and overbought conditions. Traders should keep an eye on the key support and resistance levels and watch for any signs of reversal given the market indecision indicated by the Spinning Top.