Globus Spirits Limited (GLOBUSSPR) Stock - Complete Technical Analysis - Aug 30, 2024

Globus Spirits Technical Analysis: Key Resistance, Support Levels

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.

For Globus Spirits Limited (GLOBUSSPR), let's delve into the technical analysis based on the latest indicators and chart patterns.

Current Price: 1,072

Resistance Levels:

The stock is facing resistance around the Classic Pivot R1 level of 1,062.52, and further resistance can be observed near the Classic Pivot R2 at 1,145.63 and Classic Pivot R3 at 1,375.48. The Fibonacci Pivot R1 at 1,003.59 and Woodie Pivot R1 at 1,086.93 are also significant resistance points.

Support Levels:

Key support is located at the Classic Pivot S1 of 832.67. Additional support levels include the Camarilla Pivot S1 at 958.33 and the Fibonacci Pivot S1 at 827.98. The Woodie Pivot S1 at 857.07 and the 200-day Simple Moving Average (SMA) at 817.41 could also act as support zones.

Technical Indicators:

MACD: The MACD is showing strength, indicating positive momentum.

RSI: The RSI is elevated, suggesting that the stock is in an overbought condition.

ADX: The ADX is moderate, indicating a stable trend without significant momentum.

Stochastic Oscillator: Both the Stochastic %K and Stochastic RSI are in a bullish range, reinforcing the positive trend.

Moving Averages: The stock is above its short-term moving averages (10-day and 20-day SMA), indicating a bullish trend. The price is also above long-term moving averages, including the 200-day SMA.

Pivot Points: The price is trading above the Classic and Fibonacci Pivots, suggesting an overall bullish sentiment.

Chart Patterns:

Trend Indicators: The stock is showing a positive trend, with the price trading above major moving averages and pivot points.

Volume Analysis: The volume-weighted moving average (20) is at 1,009.32, indicating strong support if the price falls towards this level.

Overall, Globus Spirits Limited shows a bullish technical setup with strong resistance and support levels in place. Traders should watch for potential resistance around the Classic Pivot R1 and support around the Classic Pivot S1. The elevated RSI suggests caution as the stock may experience a pullback or consolidation.