Godrej Consumer Products Limited (GODREJCP) Stock - Complete Technical Analysis - Nov 27, 2024

Godrej Consumer Products Stock Analysis: Support, Resistance, and Technical Indicators

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. Godrej Consumer Products Limited (GODREJCP) is currently trading at 1,261.60, approximately 18.18% below its 52-week high of 1,541.85 and 26.65% above its 52-week low of 996.10.

Support and Resistance Levels:

Support Levels: The stock has recently found support around 1,240, with the low on November 26 at 1,219.00 and the low on November 25 at 1,195.00. A break below 1,195.00 could indicate further downside potential.

Resistance Levels: The immediate resistance is near 1,265, observed on November 27 with a high of 1,265.15. A sustained move above this level could lead to a retest of the 52-week high.

Technical Indicators:

Moving Averages: The stock is trading below its 50-day and 200-day simple moving averages, indicating a bearish trend.

Relative Strength Index (RSI): The RSI is at 52.37, suggesting the stock is neither overbought nor oversold.

MACD: The MACD line is below the signal line, indicating bearish momentum.

Average Directional Index (ADX): The ADX is at 27.45, suggesting a moderate trend strength.

Chart Patterns:

Three White Soldiers: This bullish continuation pattern has been observed, indicating potential upward momentum.

Volatility and Reversals:

The Average True Range (ATR) over the past 14 days is 155.91, indicating high volatility.

The stock has shown a tendency for reversals, with recent lows followed by upward movements.

In summary, while the stock is currently in a bearish trend, the formation of the Three White Soldiers pattern and the moderate ADX suggest potential for upward movement. Traders should monitor the support and resistance levels closely and watch for confirmation of the bullish pattern before making investment decisions.