Aban Offshore Limited Stock Forecast

Aban Offshore Limited stock downgraded to Hold/Accumulate
(Updated on Apr 26, 2024)

ABAN.BO Signals & Forecast

The Aban Offshore Limited 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 ₹69.55 and ₹61.68. 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 Tuesday, April 23, 2024, and so far it has fallen -1.49%. Further fall is indicated until a new bottom pivot has been found. Aban Offshore Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".

Support, Risk & Stop-loss for Aban Offshore Limited stock

Aban Offshore Limited finds support from accumulated volume at ₹69.35 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ₹2.95 between high and low, or 4.21%. For the last week, the stock has had daily average volatility of 5.31%.

The Aban Offshore Limited stock is extremely overbought on RSI14 (78). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: ₹68.09 (-2.95%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 78 and this increases the risk substantially. There is a sell signal from a pivot top found 3 days ago.)

Trading Expectations (ABAN.BO) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect Aban Offshore Limited to open at ₹71.04, and during the day (based on 14 day Average True Range), to move between ₹66.69 and ₹73.63, which gives a possible trading interval of +/-₹3.47 (+/-4.94%) up or down from last closing price. If Aban Offshore Limited takes out the full calculated possible swing range there will be an estimated 9.89% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹69.35 (1.15%) than the resistance at ₹74.84 (6.67%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Aban Offshore Limited stock A Buy?

Aban Offshore Limited 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.510 Hold/Accumulate Downgraded

Predicted Opening Price for Aban Offshore Limited of Monday, April 29, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.