ReNew Energy Global plc Stock Forecast
Red day on Friday for ReNew Energy Global plc stock after losing 0%
(Updated on May 10, 2024)
No changes to the price of ReNew Energy Global plc stock on the last trading day (Friday, 10th May 2024). During the last trading day the stock fluctuated 2.09% from a day low at $6.00 to a day high of $6.12. The price has risen in 5 of the last 10 days and is up by 9.07% over the past 2 weeks.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -12.45% during the next 3 months and, with a 90% probability hold a price between $4.43 and $5.52 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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RNW Signals & Forecast
The ReNew Energy Global plc stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $6.05. On a fall, the stock will find some support from the long-term average at approximately $5.82. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Monday, May 06, 2024, and so far it has fallen -5.50%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point".
Support, Risk & Stop-loss for ReNew Energy Global plc stock
ReNew Energy Global plc finds support from accumulated volume at $6.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.125 between high and low, or 2.09%. For the last week the stock has had daily average volatility of 2.92%.
Our recommended stop-loss: $5.67 (-5.58%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (RNW) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect ReNew Energy Global plc to open at $6.04, and during the day (based on 14 day Average True Range), to move between $5.81 and $6.21, which gives a possible trading interval of +/-$0.201 (+/-3.34%) up or down from last closing price. If ReNew Energy Global plc takes out the full calculated possible swing range there will be an estimated 6.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $6.00 (0.17%) than the resistance at $6.18 (2.83%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ReNew Energy Global plc stock A Buy?
ReNew Energy Global plc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.676 Hold/Accumulate Unchanged
Predicted Opening Price for ReNew Energy Global plc of Monday, May 13, 2024
Fair opening price May 13, 2024 | Current price |
---|---|
$6.04 ( 0.527%) | $6.01 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RNW
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 6.17 | 2.61 % | |
R2 | 6.12 | 1.81 % | ||
R1 | 6.09 | 1.32 % | ||
Current price: | 6.01 | |||
Support | S1 | 5.99 | -0.268 % | |
S2 | 5.96 | -0.758 % | ||
S3 | 5.92 | -1.55 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 6.40 | 6.49 % | |
R2 | 6.31 | 4.99 % | ||
R1 | 6.18 | 2.83 % | ||
Current price | 6.01 | |||
Support | S1 | 6.00 | -0.166% | |
S2 | 5.65 | -5.99% | ||
S3 | 5.61 | -6.66% |
FAQ
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