Aban Offshore Limited Stock Forecast

Evaluation of Aban Offshore Limited stock downgraded after the last trading session.
(Updated on Jun 18, 2024)

ABAN.NS Signals & Forecast

The Aban Offshore Limited 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 ₹70.81. On a fall, the stock will find some support from the long-term average at approximately ₹65.09. 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 Wednesday, June 12, 2024, and so far it has fallen -5.91%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

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

Aban Offshore Limited finds support from accumulated volume at ₹68.50 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹0 between high and low, or 0%. For the last week, the stock has had daily average volatility of 0.85%.

Our recommended stop-loss: ₹67.02 (-3.94%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 9 days ago.)

Trading Expectations (ABAN.NS) For The Upcoming Trading Day Of Wednesday 19th

For the upcoming trading day on Wednesday, 19th we expect Aban Offshore Limited to open at ₹69.77, and during the day (based on 14 day Average True Range), to move between ₹67.34 and ₹72.20, which gives a possible trading interval of +/-₹2.43 (+/-3.49%) up or down from last closing price. If Aban Offshore Limited takes out the full calculated possible swing range there will be an estimated 6.97% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹69.95 (0.26%) than the support at ₹68.50 (1.82%), 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 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: 0.972 Hold/Accumulate Downgraded

Predicted Opening Price for Aban Offshore Limited of Wednesday, June 19, 2024

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