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Allcargo Logistics Limited (ALLCARGO) Stock - Complete Technical Analysis - Sep 20, 2024
Allcargo Logistics Ltd: Inside Candle Setup Technical Analysis Key Support & Resistance 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.
The current stock price of Allcargo Logistics is hovering around 65.6, which is approximately 33% below its 52-week high of 98. Technically, the stock has been consolidating between the 65.05 to 68.9 range, with an inside candle pattern forming recently, indicating potential upcoming volatility. The ADX suggests a weak trend, with the stock struggling to gain momentum. The RSI hovers near neutral territory, indicating indecision among traders, while the Stochastic %K shows the stock nearing oversold levels. The MACD is flat, which shows that there is currently no strong bullish or bearish momentum.
Key support levels are around 60, derived from the classic and Fibonacci pivots, while resistance can be found near 76, which aligns with the upper levels of technical indicators. The stock is trading below its short and long-term moving averages, such as the 200-day SMA and EMA, pointing to a bearish bias. However, with the Awesome Oscillator showing some positive signals and the Williams %R in the oversold territory, traders could expect a potential rebound if buying pressure increases.
Momentum indicators like the CCI and Momentum itself suggest that the stock has been in a correction phase, but with prices hovering close to key support levels, this might be an interesting point to watch for potential reversals. Traders should also keep an eye on volume patterns to confirm any breakouts or breakdowns.
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