Allcargo Logistics Limited (ALLCARGO) Stock - Complete Technical Analysis - Nov 13, 2024

Allcargo Logistics Stock Analysis Key Support and Resistance Levels Bearish Trend 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.

Allcargo Logistics Limited (ALLCARGO) stock is in a significant downtrend, reflected by various technical indicators. Trading at around 52.6, the stock is close to its 52-week low and significantly below its 52-week high of 98, signaling a strong bearish sentiment. The ADX at 41 indicates a solid directional trend, with the RSI at 28 confirming an oversold condition, which could suggest a potential, though uncertain, reversal in the near term. However, caution is advised as MACD and Awesome Oscillator both display bearish momentum, while Momentum is negative, reflecting continued selling pressure.

Moving averages further reinforce the bearish trend, as ALLCARGO's current price lies below all major EMAs and SMAs, adding a technical barrier to upward movement. Oversold indicators such as the Williams %R and CCI show that sellers might be exhausting their control, hinting at a possible technical rebound. Key support levels are seen near the recent low, providing an important testing ground for potential reversals. On the resistance side, the range around 55 to 57, marked by recent price action and alignment with EMAs, will serve as a significant barrier. If the price breaks above this range with strong volume, it could initiate a recovery trend. However, if it fails, the stock might continue to drift lower.