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Relaxo Footwears Limited (RELAXO) Stock - Complete Technical Analysis - Sep 26, 2024
Unlocking Opportunities: Relaxo Footwears Technical Analysis for Traders
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. Welcome to this technical analysis of Relaxo Footwears Limited stock. Currently trading at 808.55, the stock has shown a substantial decline from its 52-week high of 959, which it reached on November 1, 2023. This represents a 15.69% decrease, while it is currently 6.63% above its 52-week low of 758.25, noted on June 4, 2024.
Analyzing the technical indicators, we see a mixed picture. The Average Directional Index is at a low level, suggesting a weak trend. The Relative Strength Index is hovering around neutral territory, indicating that the stock is neither overbought nor oversold. However, the Stochastic and Stochastic RSI readings are quite low, signaling potential weakness in momentum. The MACD is negative, indicating bearish sentiment, while the Momentum indicator shows significant downward movement.
In terms of moving averages, the stock is trading below its exponential and simple moving averages across various periods, reinforcing the bearish outlook. The Ichimoku Base Line and other moving averages further confirm this trend, suggesting resistance near the 820-825 range.
The volatility of the stock is also noteworthy, with the Average True Range indicating significant fluctuations. This suggests that traders should be cautious and perhaps consider tightening stop-loss orders.
In conclusion, Relaxo Footwears Limited is currently facing resistance levels around 820-825, while support can be expected near the 758-775 range. With the indicators showing a mixed sentiment, traders might want to wait for clearer signals before taking positions.
Keep an eye on these levels for potential trading opportunities.
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