Balu Forge Industries Ltd Stock Forecast
Red day on Tuesday for Balu Forge Industries Ltd
(Updated on Jun 25, 2024)
The Balu Forge Industries Ltd stock price fell by -1.36% on the last day (Tuesday, 25th Jun 2024) from ₹335.55 to ₹331.00. During the last trading day the stock fluctuated 2.62% from a day low at ₹330.00 to a day high of ₹338.65. The price has risen in 6 of the last 10 days and is up by 12.64% over the past 2 weeks. 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 -142 thousand shares and in total, 318 thousand shares were bought and sold for approximately ₹105.37 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 19.85% during the next 3 months and, with a 90% probability hold a price between ₹359.06 and ₹419.28 at the end of this 3-month period.
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BALUFORGE.NS Signals & Forecast
The Balu Forge Industries Ltd 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 ₹324.28 and ₹297.95. 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 Thursday, June 20, 2024, and so far it has fallen -3.09%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Balu Forge Industries Ltd stock
Balu Forge Industries Ltd finds support from accumulated volume at ₹316.90 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 ₹8.65 between high and low, or 2.62%. For the last week, the stock has had daily average volatility of 5.10%.
The Balu Forge Industries Ltd stock is extremely overbought on RSI14 (86). This increases the short-term risk substantially.
Our recommended stop-loss: ₹318.92 (-3.65%) (This stock has high daily movements and this gives high risk. The RSI14 is 86 and this increases the risk substantially. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (BALUFORGE.NS) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Balu Forge Industries Ltd to open at ₹333.22, and during the day (based on 14 day Average True Range), to move between ₹315.51 and ₹346.49, which gives a possible trading interval of +/-₹15.49 (+/-4.68%) up or down from last closing price. If Balu Forge Industries Ltd takes out the full calculated possible swing range there will be an estimated 9.36% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹333.65 (0.80%) than the support at ₹316.90 (4.26%), 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 Balu Forge Industries Ltd stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Balu Forge Industries Ltd stock to perform well in the short-term.
Current score: 2.031 Buy Candidate Unchanged
Predicted Opening Price for Balu Forge Industries Ltd of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| ₹333.22 ( 0.670%) | ₹331.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BALUFORGE.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 341.87 | 3.28% |
| R2 | 338.56 | 2.28% |
| R1 | 336.52 | 1.67% |
| Price | 331.00 | |
| S1 | 329.91 | -0.329% |
| S2 | 327.87 | -0.95% |
| S3 | 324.57 | -1.94% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 341.55 | 3.19% |
| R2 | 335.55 | 1.37% |
| R1 | 333.65 | 0.80% |
| Price | 331.00 | |
| S1 | 316.90 | -4.26% |
| S2 | 309.60 | -6.47% |
| S3 | 260.95 | -21.16% |
FAQ
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