Go Fashion (India) Limited (GOCOLORS) Stock - Complete Technical Analysis - Nov 22, 2024

Go Fashion (India) Stock Analysis: Bearish Trends, Support & Resistance Levels GOCOLORS Technical

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. Go Fashion (India) Limited (GOCOLORS) Technical Overview:

Go Fashion (India) Limited has been on a downtrend from its 52-week high, currently sitting at 1,082.50. The recent market activity shows a sudden price drop from 1,159.15 to the current levels, suggesting that the stock has faced a significant pullback. The stock is currently trading near its 52-week low of 933.30, making it a volatile pick for both short and long-term traders.

The MACD is deeply negative, signaling a bearish momentum, while the RSI also indicates oversold conditions. The Stochastic Oscillator and Commodity Channel Index (CCI) further confirm the weak price action. The Average Directional Index (ADX) indicates a strong trend, but it remains negative, reinforcing the likelihood of continued downward pressure. On the other hand, the Volume Weighted Average Price (VWAP) is currently above the price, which further strengthens the downtrend signal.

Support levels: Watch for key support near 1,061, and further below, near 998. If the stock fails to hold these levels, we could see it testing the lower 52-week low. For resistance, look for breaks above 1,112-1,130, as these levels have historically acted as ceilings for the price.

Actionable Insight: If the stock continues to test support and fails to bounce back, consider reducing exposure. Traders can also look for a bounce at key support zones for short-term buying opportunities, but it's essential to monitor the volume and other indicators closely. Long-term investors might need to wait for better entry points and stronger fundamentals before committing to this stock.