Relaxo Footwears Limited (RELAXO) Stock - Complete Technical Analysis - Oct 24, 2024

Technical Analysis of Relaxo Footwears Limited (RELAXO) Stock: Key Levels & 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. In today's technical analysis of Relaxo Footwears Limited (RELAXO) stock, currently priced at 761, we see a critical situation. The stock has recently tested its support at 757.4, indicating potential strength at this level. The market is currently showing indecision, illustrated by today's Spinning Top candle, with the stock reaching a high of 785 and a low of 755.

When we look at the moving averages, the stock trades significantly below key levels, such as the 10-day EMA at 776.88 and the 20-day EMA at 788.38, indicating bearish momentum. The MACD remains in negative territory, further confirming the downtrend. With the RSI at 29, the stock is classified as oversold, which could indicate a potential reversal, although caution is necessary due to an ADX of 15, reflecting a weak trend.

Support levels are identified at 755 and 767, while resistance is found at 791 and 800. Traders should be mindful of the stock's current volatility, as indicated by the ATR, which reveals a significant range of price movement. A break above 785 could lead to testing resistance at 800, whereas a move below 755 may signal further declines.

In conclusion, keep a close watch on these technical indicators and levels as they provide potential trading insights for both short-term and long-term strategies.