Godrej Agrovet Limited (GODREJAGRO) Stock - Complete Technical Analysis - Oct 18, 2024

Godrej Agrovet 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. Godrej Agrovet Limited (GODREJAGRO) is currently trading at 774, reflecting an 11.67% decline from its 52-week high of 876.7, reached on July 15, 2024. The stock has shown resilience as it is still 73.50% above its 52-week low of 446.35 recorded on October 26, 2023.

In terms of technical indicators, the Average Directional Index (ADX) stands at 16.61, suggesting a lack of a strong trend, while the Relative Strength Index (RSI) at 50.88 indicates a neutral position, with potential for either upward or downward movement. The Stochastic %K at 78.6 and Stochastic RSI Fast at 94.78 suggest that the stock is in an overbought condition, which could lead to short-term price corrections. The MACD level at -3.41 is bearish, indicating the potential for further downside.

The last five days of trading show a notable price trend, with the stock hitting a high of 793.20 on October 17 before closing at 774.40 today. This presents a volatility pattern, particularly the sudden drop from 799.95 on October 15 to 774.10 on October 16, showcasing a significant shift in investor sentiment. The presence of gaps in price movements during this period can suggest possible retracement levels around 780 and 790.

Looking at support and resistance levels, immediate support can be identified around 758.30, while resistance is likely near the 790 range. Additionally, the moving averages indicate a potential upward trend if the stock can sustain above the 10-day EMA of 769.01. A bullish reversal may occur if it crosses above the 786.41 SMA, while further downside risk exists if it falls below the 10-day moving average. Traders should remain cautious and watch for potential breakouts or breakdowns around these key levels.