Goodluck India Limited (GOODLUCK) Stock - Complete Technical Analysis - Dec 23, 2024

Goodluck India Stock Technical Analysis: Key Support & Resistance Levels December 2024 Update

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. Goodluck India Limited (GOODLUCK) is currently trading at 929.75, showing a noticeable 30% drop from its 52-week high. Recent price movements have exhibited strong volatility, with December 20th's session revealing a bearish engulfing pattern, suggesting that the stock could continue its downward trend. The stock failed to maintain levels above the recent highs, signaling potential bearishness in the short term. With the Relative Strength Index (RSI) sitting at 39.29, the stock is approaching an oversold territory, but it's not there yet. The Stochastic RSI, currently at 9.82, confirms the ongoing bearish momentum.

Key support levels for GOODLUCK lie around 917.00, with a more significant support zone at 846.00. If the stock continues its downward slide, these levels should be closely watched. On the resistance side, the stock faces strong resistance at 976.00 to 980.00, and if it fails to break through these levels, further downside movement is likely. The Exponential Moving Averages (EMA) show that the stock is trading below the 10-day, 20-day, and 50-day EMAs, reinforcing the bearish trend. Additionally, the ADX value of 12.16 suggests that the market currently lacks a strong trend, which means that the stock could go through further consolidation or a reversal if it manages to find support.

With a low RSI and weak momentum indicated by the MACD, GOODLUCK could be heading for further declines if it doesn't manage to bounce back soon. Traders should be cautious of the volatility, particularly around the support and resistance zones. A break below the support levels could lead to further losses, while a strong recovery above 976.00 could indicate potential for upward movement. Therefore, watching the stock's price action closely in the coming sessions will provide valuable insight into its direction.