Allcargo Logistics Limited (ALLCARGO) Stock - Complete Technical Analysis - Oct 18, 2024

Allcargo Logistics Stock Analysis: Support, Resistance, and Bearish Signals October 2024

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) has recently displayed signs of indecision, with candlestick patterns like Doji and Spinning Top, indicating market uncertainty. Trading at 60.35, just above the 52-week low of 58.63, the stock might be entering a consolidation phase or preparing for a reversal. The RSI of 35.74 signals the stock is nearing oversold levels, making it a potential buy if momentum strengthens. However, the MACD remains negative, indicating continued bearish pressure. With ADX at 25.85, there is a moderately strong trend, but no clear directional movement.

The stock is trading below key moving averages, adding to the downward sentiment, while indicators like the Awesome Oscillator and Momentum further confirm weak price action. Immediate resistance is around 64-65 based on pivot points and moving averages, while strong support lies near the 52-week low of 58.63.

Traders should monitor price volatility, as shown by the high ATR, and consider it in their risk management strategy. The current market could offer swing trading opportunities, but caution is advised until a clearer trend emerges.