Akçansa Çimento Sanayi ve Ticaret Stock Forecast
Weaker technical forecast for Akçansa Çimento Sanayi ve Ticaret as stock downgraded to Sell Candidate.
(Updated on May 31, 2024)
The Akçansa Çimento Sanayi ve Ticaret stock price fell by -0.697% on the last day (Friday, 31st May 2024) from TRY 143.50 to TRY 142.50. During the last trading day the stock fluctuated 2.75% from a day low at TRY 141.80 to a day high of TRY 145.70. The price has fallen in 7 of the last 10 days and is down by -5.82% for this period. 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 -102 thousand shares and in total, 597 thousand shares were bought and sold for approximately TRY 85.00 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Akçansa Çimento Sanayi ve Ticaret stock with a 90% probability to be traded between TRY 134.70 and TRY 153.95 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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AKCNS.IS Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 29, 2024, and so far it has risen 1.50%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Akçansa Çimento Sanayi ve Ticaret stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at TRY 142.59 and TRY 147.84. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
A buy signal from a double bottom formation was found on Thursday, April 18, 2024 and based on theory for this formation the price should go up by 16.16% to TRY 165.53 within 7 trading days since signal was issued (Monday, June 03, 2024).
Support, Risk & Stop-loss for Akçansa Çimento Sanayi ve Ticaret stock
Akçansa Çimento Sanayi ve Ticaret finds support from accumulated volume at TRY 140.00 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved TRY 3.90 between high and low, or 2.75%. For the last week, the stock has had daily average volatility of 2.84%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AKCNS.IS) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Akçansa Çimento Sanayi ve Ticaret Anonim Sirketi to open at TRY 143.33, and during the day (based on 14 day Average True Range), to move between TRY 137.91 and TRY 147.09, which gives a possible trading interval of +/-TRY 4.59 (+/-3.22%) up or down from last closing price. If Akçansa Çimento Sanayi ve Ticaret Anonim Sirketi takes out the full calculated possible swing range there will be an estimated 6.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at TRY 140.00 (1.75%) than the resistance at TRY 150.10 (5.33%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Akçansa Çimento Sanayi ve Ticaret Anonim Sirketi stock A Buy?
Akçansa Çimento Sanayi ve Ticaret holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.891 Sell Candidate Downgraded
Predicted Opening Price for Akçansa Çimento Sanayi ve Ticaret Anonim Sirketi of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| TRY 143.33 ( 0.585%) | TRY 142.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AKCNS.IS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 147.23 | 3.32 % | |
| R2 | 145.74 | 2.28 % | ||
| R1 | 144.82 | 1.63 % | ||
| Current price: | 142.50 | |||
| Support | S1 | 141.84 | -0.461 % | |
| S2 | 140.92 | -1.11 % | ||
| S3 | 139.43 | -2.15 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 153.00 | 7.37 % | |
| R2 | 152.00 | 6.67 % | ||
| R1 | 150.10 | 5.33 % | ||
| Current price | 142.50 | |||
| Support | S1 | 140.00 | -1.75% | |
| S2 | 137.90 | -3.23% | ||
| S3 | 136.90 | -3.93% |
FAQ
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