GFL Limited (GFLLIMITED) Stock - Complete Technical Analysis - Oct 04, 2024

Unlocking GFL Limited: Technical Analysis & Trading 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. GFL Limited (GFLLIMITED) is currently trading at 87.73, which is a significant 25.93% below its 52-week high of 118.45 reached on October 16, 2023, and 32.92% above its 52-week low of 66.00 recorded on June 4, 2024. The stock exhibits interesting technical characteristics as reflected by its average directional index (ADX) of 41.72, indicating a strong trend, while the relative strength index (RSI) stands at 57.56, suggesting the stock is nearing overbought territory.

Over the last five trading days, the stock has shown fluctuations, opening at 90.32 and closing at 87.73 today, with a notable high of 92.85 and a low of 86.62. This movement signifies a recent downward correction after failing to maintain momentum above the 90 mark, potentially indicating resistance in that area. The stochastic indicator reading at 78.1 supports this notion, as it approaches overbought conditions.

Support levels can be identified near the recent lows, with significant support at around 86.62, while resistance is likely encountered around the 90.00 to 92.85 levels. This aligns with classic and Fibonacci pivot levels, suggesting traders should watch these points for potential reversals. The volatility is highlighted by an average true range (ATR) of around 16.16, indicating price swings are common and traders should brace for possible sharp moves.

From a trend analysis perspective, the price recently dropped sharply from 91.74 to 87.73, showcasing a sudden price drop that traders must monitor for potential bottoming patterns. Observing the moving averages reveals the stock is trading above its 10-day exponential moving average (EMA) of 86.9, providing a bullish signal in the short term, while the 50-day simple moving average (SMA) of 80.72 further confirms the upward momentum.

In conclusion, traders should keep a close eye on the support level at 86.62 for potential buying opportunities and watch for resistance around 90 to 92.85. The stock's behavior over the next few sessions will be critical in determining its trajectory, so traders should be prepared to react to price movements and signals from indicators like MACD and ADX for better timing of trades.