ALLCARGO- Lets Fill In it our CARGO!!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.
