Relaxo Footwears Limited (RELAXO) Stock - Complete Technical Analysis - Nov 29, 2024

Relaxo Footwears Limited (RELAXO) Stock Analysis: Price Drops, Support & Resistance Levels Explain

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 670, facing significant resistance at the 700-710 range. The stock has been underperforming, with a 29.4% drop from its 52-week high. Despite this, it has held above the 52-week low of 625, showing a potential buying opportunity near the support level.

Technically, the stock is still in a bearish trend, as indicated by the MACD and RSI readings. The ADX confirms the strength of the downtrend, suggesting it could continue unless a reversal signal is confirmed. The Stochastic RSI shows that the stock is oversold, which might indicate a short-term bounce could occur, but it's important to confirm a reversal before taking positions.

The key levels to watch are the support at 625 and resistance at 710. A break below 625 could signal further downside, while a break above 710 might indicate a reversal of the bearish trend. Keep an eye on the price action near these levels. Traders should also monitor the ATR for volatility, as it suggests that large price swings are possible.

In conclusion, Relaxo Footwears Limited is currently in a downward trend, but it is showing some signs of potential support at lower levels. A clear breakout or breakdown could provide actionable signals for traders.