India Globalization Capital Inc Stock Forecast
Evaluation of India Globalization Capital Inc stock downgraded after the last trading session.
(Updated on Mar 28, 2024)
The India Globalization Capital Inc stock price fell by -1.60% on the last day (Thursday, 28th Mar 2024) from $0.407 to $0.400. During the last trading day the stock fluctuated 6.06% from a day low at $0.391 to a day high of $0.415. The price has been going up and down for this period, and there has been a 18.91% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -30 thousand shares and in total, 307 thousand shares were bought and sold for approximately $122.91 thousand.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $0.408 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 37.40% during the next 3 months and, with a 90% probability hold a price between $0.434 and $0.561 at the end of this 3-month period.
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IGC Signals & Forecast
The India Globalization Capital Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.381 and $0.334. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -1.60%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The stock had a Golden Star Signal on Tuesday, February 06, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star
The stock had a Golden Star Signal on Tuesday, February 06, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for India Globalization Capital Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.378 and $0.349. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, India Globalization Capital Inc finds support just below today's level at $0.378. If this is broken, then the next support from accumulated volume will be at $0.349 and $0.345.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0237 between high and low, or 6.06%. For the last week the stock has had daily average volatility of 11.95%.
Our recommended stop-loss: $0.383 (-4.27%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (IGC) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect India Globalization Capital Inc to open at $0.402, and during the day (based on 14 day Average True Range), to move between $0.358 and $0.442, which gives a possible trading interval of +/-$0.0421 (+/-10.53%) up or down from last closing price. If India Globalization Capital Inc takes out the full calculated possible swing range there will be an estimated 21.06% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.407 (1.62%) than the support at $0.378 (5.45%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is India Globalization Capital Inc stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for India Globalization Capital Inc stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 2.643 Buy Candidate Downgraded
Predicted Opening Price for India Globalization Capital Inc of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$0.402 ( 0.508%) | $0.400 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IGC
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.426 | 6.43 % | |
R2 | 0.417 | 4.17 % | ||
R1 | 0.411 | 2.77 % | ||
Current price: | 0.400 | |||
Support | S1 | 0.393 | -1.76 % | |
S2 | 0.387 | -3.15 % | ||
S3 | 0.378 | -5.42 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0.407 | 1.62 % | ||
Current price | 0.400 | |||
Support | S1 | 0.378 | -5.45% | |
S2 | 0.349 | -12.75% | ||
S3 | 0.345 | -13.88% |
FAQ
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