Relaxo Footwears Limited (RELAXO) Stock - Complete Technical Analysis - Sep 18, 2024

"Relaxo Footwears Stock Analysis: Key Support & Resistance Levels Revealed NSE Technical 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.

Relaxo Footwears Limited (RELAXO) is currently trading at 817, positioned 14.83% below its 52-week high of 959 and 7.72% above its 52-week low of 758. The stock exhibits mixed technical signals.

Trend Analysis: The stock is trading below several key moving averages. The Exponential Moving Averages (EMA) and Simple Moving Averages (SMA) are showing a bearish trend, with the current price below the 10-day EMA of 824.54 and the 20-day EMA of 821.89. This is also reflected in the SMA, with the price under the 10-day SMA of 828.02 and the 20-day SMA of 817.85. The 200-day SMA of 843.0 and the 200-day EMA of 842.22 further suggest a long-term downtrend.

Support and Resistance Levels: The immediate support level is around the Classic Pivot S1 at 758.53. The stock has shown resilience near this level. Resistance is expected near the Classic Pivot R1 at 847.58, with additional resistance likely at the Fibonacci Pivot R1 of 843.28. The current price action suggests that RELAXO might test these resistance levels if it manages to hold above the support zone.

Technical Indicators:

MACD: The MACD level is positive, indicating some bullish momentum, but it's essential to watch for any potential crossover with the signal line.

RSI: The Relative Strength Index is at 47.13, suggesting the stock is in neutral territory but could be approaching oversold conditions.

ADX: The Average Directional Index (ADX) at 15.27 implies a weak trend, indicating indecision in the market.

Stochastic Oscillator: The Stochastic %K and Stochastic RSI are at 50.99 and 47.68, respectively, suggesting the stock is in a consolidation phase.

Volatility and Momentum: The Average True Range (ATR) has been fluctuating, indicating a variable level of volatility. The Momentum indicator is negative at -0.5, which could signal a weakening price trend. The Awesome Oscillator is positive at 12.0, indicating some bullish pressure.

Chart Patterns and Observations: Currently, the stock appears to be forming a consolidation pattern between the support and resistance levels. With the price trading below significant moving averages, RELAXO might face challenges in gaining upward momentum without a substantial shift in market sentiment.

Overall, RELAXO Footwears Limited shows a bearish short-term trend with potential support at lower levels and resistance above. Traders should watch for price action around the key levels mentioned to make informed decisions.