Relaxo Footwears Limited (RELAXO) Stock - Complete Technical Analysis - Oct 16, 2024

Relaxo Footwears Technical Analysis: Key Support & Resistance 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. Relaxo Footwears Limited (RELAXO) is currently trading at 785, reflecting a volatile trading period recently. The stock closed at 784.80 today, down from a recent high of 808.85, indicating a bearish sentiment. Over the past week, the stock exhibited a range from 780.80 to 808.85, showcasing sudden price movements that could indicate heightened volatility.

The Average Directional Index (ADX) is around 14, suggesting a weak trend, while the RSI is at 38, indicating that the stock is approaching oversold conditions, which may prompt potential buyers to step in. However, the MACD is negative, reflecting bearish momentum, and the Awesome Oscillator is also in negative territory, indicating weak bullish sentiment.

Support levels are identified at approximately 780.80 and 758.25, where buying interest could emerge. Resistance is observed around 800 and 811, which the stock needs to breach to regain bullish momentum. The stock's trading volume has remained relatively consistent, indicating steady interest, although significant price gaps can be seen, especially around the recent high.

The stock is currently 18.16% below its 52-week high of 959, reached in November, which highlights the downward price trend since then. In summary, traders should closely monitor these support and resistance levels and the overall market sentiment, as the current technical indicators suggest a cautious approach is warranted, especially with the RSI near oversold territory and the bearish signals from the MACD.