Sportking India Limited (SPORTKING) Stock - Complete Technical Analysis - Nov 01, 2024

Sportking India Limited: Technical Analysis & Trading 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. Sportking India Limited's current price of 104 is a significant 34.81% below its 52-week high of 159.54, indicating a substantial price correction that may present a buying opportunity. The stock also sits 44.44% above its 52-week low of 72.0, suggesting relative strength amidst broader market fluctuations.

Focusing on key technical indicators, the Average Directional Index (ADX) at 21.7 signifies a weak trend, while the Relative Strength Index (RSI) at 40.13 hints that the stock is nearing oversold conditions. This may pave the way for a bullish reversal. Additional indicators, including the Stochastic %K and Williams Percent Range, further corroborate this potential upward movement. However, the MACD is in negative territory, indicating prevailing downward momentum.

Chart patterns reveal a Bullish Harami formation, suggesting potential bullish reversal, albeit paired with a Spinning Top candle that indicates indecision in the market. Immediate support is at the classic pivot point of 107.15, with secondary support around 91.34, while resistance is noted at 117.78.

In the recent trading history, the stock has shown considerable volatility, with notable price action ranging between 99 and 106. Traders should remain vigilant, as the Average True Range (ATR) indicates fluctuating volatility. Overall, monitoring the price action and confirming bullish momentum through volume and other indicators will be essential for making informed trading decisions.