Godrej Consumer Products Limited (GODREJCP) Stock - Complete Technical Analysis - Oct 22, 2024

Godrej Consumer Products Technical Analysis Key Levels to Watch 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. The technical analysis of Godrej Consumer Products Limited reveals a stock currently priced at 1,299.60, which is notably 15.71% below its recent 52-week high. The previous trading sessions have showcased a downward trend, with the stock consistently closing lower. Traders should keep a close eye on the immediate support level at 1,296.05, as this has proven to be a significant low point recently, while classic pivot support is at 1,310.68. Conversely, resistance can be found at 1,332.90, which is essential to breach for a bullish reversal.

Key indicators such as the RSI, currently at 33.67, indicate oversold conditions, hinting at a possible upward correction. However, the MACD remains negative, reflecting ongoing bearish sentiment. The ADX reading of 30.1 shows a strong trend, albeit a bearish one, while the Stochastic at 15.5 confirms oversold conditions, suggesting that a rebound may be on the horizon.

In summary, traders should be vigilant for potential reversal patterns. A decisive breakout above 1,332 could suggest a shift in momentum, while failure to hold above the support at 1,296 could lead to further declines. Monitoring volatility levels through the Average True Range will be crucial in anticipating upcoming price movements.