Allcargo Logistics Limited (ALLCARGO) Stock - Complete Technical Analysis - Oct 11, 2024

Allcargo Logistics Stock Analysis: Key Levels, MACD, RSI Signals, and Support Breakdown

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.

Allcargo Logistics Limited (ALLCARGO) is currently trading at 61.40, just 4.72% above its 52-week low of 58.63. The stock has experienced a recent price consolidation, moving within a tight range over the past few days, indicating a potential base-building phase. The stock is trading below key moving averages, such as the 50-day and 200-day EMAs, which suggests that the bearish trend may still be in place. However, the RSI at 38.23 shows the stock is approaching oversold levels, potentially indicating a reversal in the near term. The MACD remains in the negative zone, showing continued downward momentum, while the ADX at 21.36 reflects a weak trend. The Stochastic Oscillator is hovering in oversold territory, signaling a possible recovery if buyers step in. Support is seen near the recent low of 58.63, while resistance is likely around the 66.92 level, as indicated by various pivot points. A break above this resistance could lead to a short-term rally, while failure to hold support may drive the stock lower. Traders should watch for any volume spikes or momentum shifts for potential entry points.