Relaxo Footwears Limited (RELAXO) Stock - Complete Technical Analysis - Nov 19, 2024

Relaxo Footwears Stock Analysis - Price Levels, Indicators & Trends Explained Technical Analysis

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.

Relaxo Footwears Limited (RELAXO) is currently trading at 659.35, which is a significant 30.52% below its 52-week high of 949. The stock is also trading close to its 52-week low, just 0.28% above 657.5, suggesting that the stock is under considerable downward pressure.

Technical indicators present a bearish picture. The RSI is at a low level, indicating that the stock is in an oversold state. This is confirmed by the Stochastic RSI, which is at 0, further signaling that the stock may continue to face selling pressure. The MACD and Awesome Oscillator are also pointing to continued weakness in the stock. Additionally, the Williams Percent Range is indicating that the stock is deeply oversold.

Key support is near the 657.50 level, with the potential for further declines if this support is broken. Resistance appears near the 733-740 range, where multiple moving averages and pivot levels converge. The Average Directional Index (ADX) is showing a weak trend, with a value of 24.56, suggesting that the stock might be poised for a reversal. However, the indicators point to further declines in the near term.

Investors and traders should closely monitor the price action at these levels. If the stock fails to break resistance or breaks below support, it could continue its downward movement. A potential reversal would need to see the stock reclaim the 733-740 range before any sustained uptrend.