Goodluck India Limited (GOODLUCK) Stock - Complete Technical Analysis - Sep 30, 2024

Goodluck India Limited: A Detailed Technical Analysis for Smart 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. Goodluck India Limited is currently trading at 1167, reflecting a position that is 12.25% below its recent 52-week high of 1330. The stock has demonstrated impressive growth, sitting 97.39% above its 52-week low of 591. Technical indicators show a mixed sentiment. The MACD suggests bullish momentum, while the RSI is hovering around neutral territory, indicating that the stock is not overbought or oversold. The Stochastic indicator shows a bearish divergence, which could imply a potential pullback in the short term.

Support levels are notably strong, with Classic Pivot support identified at 1070, and the price is well above its 200-day EMA at 941. The volume-weighted moving average indicates potential resistance around 1219, further confirmed by multiple moving averages clustering around the 1200 level. The Average Directional Index (ADX) is above 25, indicating a strong trend, while the Awesome Oscillator suggests momentum is in the bullish territory, reinforcing a potential upward move.

As for patterns, traders should watch for the stock's ability to maintain above 1100, which could indicate a bullish continuation if it breaks the immediate resistance at 1200. However, caution is warranted as the momentum indicators suggest a potential pullback. Overall, traders should consider a strategy that includes close monitoring of support at 1070 and resistance at 1219, while being prepared for possible volatility given the ATR readings.