Goodluck India Limited (GOODLUCK) Stock - Complete Technical Analysis - Dec 06, 2024

Goodluck India Stock Analysis: Support, Resistance, and Technical Outlook - 2024

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. Goodluck India Limited (GOODLUCK) is showing a neutral-to-bearish short-term outlook, as the stock is trading below its key moving averages. With a current price of 992.85, it's 25.35% off its 52-week high, and we are seeing some volatility in the last few trading days. The stock's range has been 988 to 1013, indicating resistance near 1013. If it continues to trade within this range, it could consolidate further before either breaking upward or correcting downward.

The RSI stands at 51, which suggests that the stock is neither overbought nor oversold, meaning its in a neutral state. The MACD, however, indicates weakening momentum with its current position below the zero line. Despite this, the Awesome Oscillator is showing some bullish momentum, though its not enough to confirm a clear uptrend.

On the downside, the support level sits at around 985-990, with additional support near the 960 region. A break below 985 could signal further downside risk, potentially heading toward 960 or lower. On the upside, resistance at 1013 remains intact. If this level is broken, we could see the stock test higher levels, possibly aiming for 1025-1030.

Given that the ADX value is low (14.35), the stock does not show a strong trend, and a breakout is needed to signal the next major price movement. Investors should watch for price action around the support and resistance levels to determine whether a trend is likely to develop. Volatility is high, but the stock could consolidate before making any decisive moves.