Goodluck India Limited (GOODLUCK) Stock - Complete Technical Analysis - Oct 31, 2024

Goodluck India Limited: In-Depth Technical Analysis for Traders - 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. Goodluck India Limited is showing signs of volatility with its current trading price at 939, representing a significant drop from its 52-week high of 1330, which was reached on September 17, 2024. The stock is experiencing strong selling pressure, as indicated by the MACD, while the RSI is hovering below 40, suggesting that it is nearing oversold territory. Recent price action has been characterized by indecision, evident from the Doji and Spinning Top candlestick patterns formed today.

Key resistance levels are around 954 and 964, while support is established at approximately 930 and 900. The high of 954.2 and low of 931.75 recorded today demonstrate the stock's volatility, and the average directional index suggests a strong trend is present. Traders should be particularly attentive to these support and resistance levels as they indicate potential entry or exit points. If the stock can break through the resistance levels, it may signal a bullish reversal. Conversely, if it drops below the support levels, traders should prepare for potential further declines. Monitoring these technical indicators will be crucial for navigating the upcoming sessions effectively.