Birlik Mensucat Ticaret ve Sanayi Stock Forecast
Birlik Mensucat Ticaret ve Sanayi stock downgraded to Sell Candidate
(Updated on May 10, 2024)
The Birlik Mensucat Ticaret ve Sanayi stock price fell by -2.27% on the last day (Friday, 10th May 2024) from TRY 6.62 to TRY 6.47. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 2.37% from a day low at TRY 6.32 to a day high of TRY 6.47. The price has fallen in 5 of the last 10 days but is still up by 4.35% over the past 2 weeks. Volume has increased on the last day by 45 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, 213 thousand shares were bought and sold for approximately TRY 1.38 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at TRY 6.21 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 30.85% during the next 3 months and, with a 90% probability hold a price between TRY 8.13 and TRY 11.63 at the end of this 3-month period.
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BRMEN.IS Signals & Forecast
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. The Birlik Mensucat Ticaret ve Sanayi stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at TRY 6.72 and TRY 6.56. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 20, 2024, and so far it has fallen -16.52%. Further fall is indicated until a new bottom pivot has been found. Birlik Mensucat Ticaret ve Sanayi 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 Birlik Mensucat Ticaret ve Sanayi stock
On the downside, the stock finds support just below today's level from accumulated volume at TRY 5.44 and TRY 5.41. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Birlik Mensucat Ticaret ve Sanayi finds support just below today's level at TRY 5.44. If this is broken, then the next support from accumulated volume will be at TRY 5.41 and TRY 4.92.
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 0.150 between high and low, or 2.37%. For the last week, the stock has had daily average volatility of 6.58%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BRMEN.IS) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Birlik Mensucat Ticaret ve Sanayi Isletmesi A.S. to open at TRY 6.42, and during the day (based on 14 day Average True Range), to move between TRY 6.11 and TRY 6.83, which gives a possible trading interval of +/-TRY 0.363 (+/-5.61%) up or down from last closing price. If Birlik Mensucat Ticaret ve Sanayi Isletmesi A.S. takes out the full calculated possible swing range there will be an estimated 11.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at TRY 6.48 (0.15%) than the support at TRY 5.44 (15.92%), 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 Birlik Mensucat Ticaret ve Sanayi Isletmesi A.S. stock A Buy?
The Birlik Mensucat Ticaret ve Sanayi stock holds several negative signals and despite the positive trend, we believe Birlik Mensucat Ticaret ve Sanayi will perform weakly in the next couple of days or weeks. Therefore, we 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 Buy to a Sell candidate.
Current score: -4.205 Sell Candidate Downgraded
Predicted Opening Price for Birlik Mensucat Ticaret ve Sanayi Isletmesi A.S. of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| TRY 6.42 ( 0.773%) | TRY 6.47 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BRMEN.IS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.57 | 1.55 % | |
| R2 | 6.51 | 0.660 % | ||
| R1 | 6.48 | 0.113 % | ||
| Current price: | 6.47 | |||
| Support | S1 | 6.36 | -1.66 % | |
| S2 | 6.33 | -2.21 % | ||
| S3 | 6.27 | -3.09 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.79 | 4.95 % | |
| R2 | 6.63 | 2.47 % | ||
| R1 | 6.48 | 0.155 % | ||
| Current price | 6.47 | |||
| Support | S1 | 5.44 | -15.92% | |
| S2 | 5.41 | -16.38% | ||
| S3 | 4.92 | -23.96% |
FAQ
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