Carborundum Universal Limited Stock Forecast

Carborundum Universal Limited stock upgraded to Strong Buy Candidate.
(Updated on May 17, 2024)

CARBORUNIV.BO Signals & Forecast

Mostly positive signals in the chart today. The Carborundum Universal Limited 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 ₹1,547.34 and ₹1,377.46. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 19.52%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. The stock had a Golden Star Signal on Thursday, February 08, 2024 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Carborundum Universal Limited stock

Carborundum Universal Limited finds support from accumulated volume at ₹1,646.10 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 ₹146.30 between high and low, or 9.11%. For the last week, the stock has had daily average volatility of 6.19%.

Our recommended stop-loss: ₹1,674.80 (-3.02%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 10 days ago.)

Trading Expectations (CARBORUNIV.BO) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Carborundum Universal Limited to open at ₹1,695.48, and during the day (based on 14 day Average True Range), to move between ₹1,652.29 and ₹1,801.61, which gives a possible trading interval of +/-₹74.66 (+/-4.32%) up or down from last closing price. If Carborundum Universal Limited takes out the full calculated possible swing range there will be an estimated 8.65% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹1,646.10, some ₹80.85 (4.68%) from the current price of ₹1,726.95, our system finds the risk reward attractive.

Is Carborundum Universal Limited stock A Buy?

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Carborundum Universal Limited stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.

Current score: 9.344 Strong Buy Candidate Upgraded

Predicted Opening Price for Carborundum Universal Limited of Tuesday, May 21, 2024

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