The provided image is a technical analysis chart of Allcargo Logistics Ltd. based on weekly timeframes.
Below is a summary of the key observations:
1. Price Action & Trend
The stock is currently trading at ₹32.97, down by -3.74%.
There has been a notable decline from previous highs, indicating a downtrend.
The price has fallen below the key support levels around ₹44.36 and is testing lower levels.
2. Elliott Wave Analysis
The chart appears to follow the Elliott Wave Theory, with a five-wave impulse (1-5) followed by an ABC corrective wave.
The ABC correction seems to be completing, with Wave C nearing its bottom.
3. Fibonacci Levels
A key Fibonacci retracement level (0.786 at ₹28.59) is marked, acting as a significant support.
The 1.618 Fibonacci extension (₹173.76) suggests a potential long-term bullish target if reversal happens.
4. Support & Resistance Levels
Support: Around ₹28.59 (Fib level) and possibly ₹9.48 (historical low).
Resistance: At ₹44.36 and a higher target at ₹98.00.
Major resistance exists at ₹164.11, which aligns with previous peaks.
5. Potential Outlook
If the stock holds above ₹28.59, it may consolidate or attempt a reversal.
A break below this level could lead to further downside.
Long-term investors might look for signs of reversal before entering.
Below is a summary of the key observations:
1. Price Action & Trend
The stock is currently trading at ₹32.97, down by -3.74%.
There has been a notable decline from previous highs, indicating a downtrend.
The price has fallen below the key support levels around ₹44.36 and is testing lower levels.
2. Elliott Wave Analysis
The chart appears to follow the Elliott Wave Theory, with a five-wave impulse (1-5) followed by an ABC corrective wave.
The ABC correction seems to be completing, with Wave C nearing its bottom.
3. Fibonacci Levels
A key Fibonacci retracement level (0.786 at ₹28.59) is marked, acting as a significant support.
The 1.618 Fibonacci extension (₹173.76) suggests a potential long-term bullish target if reversal happens.
4. Support & Resistance Levels
Support: Around ₹28.59 (Fib level) and possibly ₹9.48 (historical low).
Resistance: At ₹44.36 and a higher target at ₹98.00.
Major resistance exists at ₹164.11, which aligns with previous peaks.
5. Potential Outlook
If the stock holds above ₹28.59, it may consolidate or attempt a reversal.
A break below this level could lead to further downside.
Long-term investors might look for signs of reversal before entering.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.