Gokaldas Exports Limited (GOKEX) Stock - Complete Technical Analysis - Sep 10, 2024

Gokaldas Exports Technical Analysis: Bearish Patterns & Key Support Levels NSE Stock 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.

Let's dive into the technical analysis of Gokaldas Exports Limited (GOKEX) stock. Currently, GOKEX is trading at 920.20, which is 18.42% below its 52-week high of 1128.0 and 34.00% above its 52-week low of 686.7.

Starting with the Moving Averages, we see that the stock is below its 10-day, 20-day, and 30-day EMAs, suggesting a bearish short-term trend. However, the 50-day EMA is slightly above the current price, indicating some resistance around this level. Long-term moving averages like the 100-day and 200-day EMAs are also below the current price, pointing to a longer-term uptrend despite recent price action.

The Relative Strength Index (RSI) is at 47.46, which is neutral, indicating that the stock is neither overbought nor oversold. The Stochastic %K is low at 18.23, and the Stochastic RSI is even lower at 8.92, which may signal potential for a rebound or further decline depending on market conditions.

The Average Directional Index (ADX) is at 15.86, suggesting that the current trend strength is weak, and there may be consolidation or a possible trend reversal ahead. The MACD line is below the signal line at -2.97, indicating bearish momentum. Meanwhile, the Awesome Oscillator is negative at -15.7, reinforcing the bearish outlook.

The stock has formed a Shooting Star pattern, a bearish reversal signal, which could indicate potential downside. However, the previous day's Bullish Harami pattern suggests some buying pressure might be emerging, creating a mixed picture for short-term traders.

Support levels are around 915.36, which aligns with the Camarilla S1 pivot, and 874.52, based on the Fibonacci S1 pivot. Resistance levels are near 976.38, the Classic Pivot, and higher resistance at 1078.24, based on the Fibonacci R1 pivot. The Average True Range (ATR) is high, indicating increased volatility, which traders should consider when planning their trades.

Overall, GOKEX shows mixed signals. The stock is below short-term moving averages but above longer-term ones, suggesting a possible consolidation phase or potential reversal. The technical indicators highlight a bearish bias in the short term, but there are also signs of possible support and a potential for a rebound.