Allcargo Logistics Limited (ALLCARGO) Stock - Complete Technical Analysis - Dec 18, 2024

Allcargo Logistics Stock Technical Analysis Support, Resistance & Key Indicators ALLCARGO Analys

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. Allcargo Logistics Limited (ALLCARGO) is currently facing downward pressure in the market, with the stock trading at 53.94, significantly below its key moving averages. The 200-Day EMA at 63.58 and 200-Day SMA at 65.33 highlight a longer-term bearish trend, while short-term averages such as the 50-Day EMA at 56.72 and 100-Day EMA at 58.45 suggest the stock is still struggling to regain upward momentum. Additionally, technical indicators like the RSI at 44.54 and the MACD at -0.5 reinforce the lack of strong bullish sentiment. The Stochastic RSI value of 40.04 indicates that the stock is not oversold, but still exhibits weakness.

The Spinning Top candlestick pattern observed recently signals indecision in the market, where buyers and sellers are competing for control, and the future direction of the stock remains uncertain. The Doji candlestick further reflects this indecisiveness. On the price action front, resistance is found near 54.62 (Classic Pivot), which has capped any bullish momentum recently. If the stock cannot maintain levels above 53.94, the next support region could be around 50.93. Given the elevated ATR, traders should expect volatility in the short term.

In conclusion, the stock is showing signs of weakness, and unless it breaks above key resistance levels, traders should exercise caution. Keeping an eye on price action around the 53.94 and 54.62 levels is crucial for any potential trade decisions.