Amforge Industries Limited Stock Forecast
Volatile ride for Amforge Industries Limited stock price on Thursday moving between ₹9.77 and ₹11.29
(Updated on May 09, 2024)
The Amforge Industries Limited stock price fell by -1.07% on the last day (Thursday, 9th May 2024) from ₹10.32 to ₹10.21. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 15.56% from a day low at ₹9.77 to a day high of ₹11.29. The price has fallen in 6 of the last 10 days but is still up by 3.44% over the past 2 weeks. Volume has increased on the last day by 1 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 6 thousand shares were bought and sold for approximately ₹57.62 thousand.
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 -13.56% during the next 3 months and, with a 90% probability hold a price between ₹7.90 and ₹9.85 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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AMFORG.BO Signals & Forecast
The Amforge Industries 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 ₹10.78. On a fall, the stock will find some support from the long-term average at approximately ₹10.19. 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 Thursday, May 02, 2024, and so far it has fallen -11.60%. Further fall is indicated until a new bottom pivot has been found. Amforge Industries 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". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Amforge Industries Limited stock
Amforge Industries Limited finds support from accumulated volume at ₹10.05 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 ₹1.52 between high and low, or 15.56%. For the last week, the stock has had daily average volatility of 12.40%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AMFORG.BO) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Amforge Industries Limited to open at ₹10.42, and during the day (based on 14 day Average True Range), to move between ₹9.28 and ₹11.14, which gives a possible trading interval of +/-₹0.93 (+/-9.12%) up or down from last closing price. If Amforge Industries Limited takes out the full calculated possible swing range there will be an estimated 18.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹10.05 (1.57%) than the resistance at ₹11.53 (12.93%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Amforge Industries Limited stock A Buy?
Amforge Industries Limited holds several negative signals and we believe that 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: -1.090 Sell Candidate Downgraded
Predicted Opening Price for Amforge Industries Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| ₹10.42 ( 2.09%) | ₹10.21 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AMFORG.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.94 | 16.98 % | |
| R2 | 11.36 | 11.29 % | ||
| R1 | 11.00 | 7.78 % | ||
| Current price: | 10.21 | |||
| Support | S1 | 9.84 | -3.60 % | |
| S2 | 9.48 | -7.11 % | ||
| S3 | 8.90 | -12.80 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.45 | 21.94 % | |
| R2 | 11.55 | 13.12 % | ||
| R1 | 11.53 | 12.93 % | ||
| Current price | 10.21 | |||
| Support | S1 | 10.05 | -1.57% | |
| S2 | 9.88 | -3.23% | ||
| S3 | 9.87 | -3.33% |
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