Çemtas Çelik Makina Sanayi ve Ticaret Stock Forecast
Çemtas Çelik Makina Sanayi ve Ticaret stock downgraded from Hold/Accumulate to Sell Candidate after Monday trading session.
(Updated on May 13, 2024)
The Çemtas Çelik Makina Sanayi ve Ticaret stock price fell by -4.89% on the last day (Monday, 13th May 2024) from TRY 10.64 to TRY 10.12. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 5.34% from a day low at TRY 10.12 to a day high of TRY 10.66. The price has fallen in 7 of the last 10 days and is down by -8.75% for this period. Volume has increased on the last day by 31 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, 7 million shares were bought and sold for approximately TRY 74.03 million.
The stock lies in the middle of a very 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 -19.07% during the next 3 months and, with a 90% probability hold a price between TRY 6.32 and TRY 9.43 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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CEMTS.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 Çemtas Çelik Makina Sanayi ve Ticaret 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 10.71 and TRY 10.14. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -9.40%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Çemtas Çelik Makina Sanayi ve Ticaret stock
Çemtas Çelik Makina Sanayi ve Ticaret finds support from accumulated volume at TRY 10.11 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 0.540 between high and low, or 5.34%. For the last week, the stock has had daily average volatility of 4.01%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CEMTS.IS) For The Upcoming Trading Day Of Tuesday 14th
For the upcoming trading day on Tuesday, 14th we expect Çemtas Çelik Makina Sanayi ve Ticaret A.S. to open at TRY 10.30, and during the day (based on 14 day Average True Range), to move between TRY 9.67 and TRY 10.57, which gives a possible trading interval of +/-TRY 0.449 (+/-4.44%) up or down from last closing price. If Çemtas Çelik Makina Sanayi ve Ticaret A.S. takes out the full calculated possible swing range there will be an estimated 8.87% 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 10.11 (0.10%) than the resistance at TRY 11.17 (10.38%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Çemtas Çelik Makina Sanayi ve Ticaret A.S. stock A Buy?
Çemtas Çelik Makina Sanayi ve Ticaret holds several negative signals and is within a very 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: -2.208 Sell Candidate Downgraded
Predicted Opening Price for Çemtas Çelik Makina Sanayi ve Ticaret A.S. of Tuesday, May 14, 2024
| Fair opening price May 14, 2024 | Current price |
|---|---|
| TRY 10.30 ( 1.78%) | TRY 10.12 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CEMTS.IS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.84 | 7.11 % | |
| R2 | 10.63 | 5.08 % | ||
| R1 | 10.51 | 3.82 % | ||
| Current price: | 10.12 | |||
| Support | S1 | 10.09 | -0.260 % | |
| S2 | 9.97 | -1.52 % | ||
| S3 | 9.76 | -3.56 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.30 | 21.54 % | |
| R2 | 11.39 | 12.55 % | ||
| R1 | 11.17 | 10.38 % | ||
| Current price | 10.12 | |||
| Support | S1 | 10.11 | -0.0988% | |
| S2 | 9.89 | -2.27% | ||
| S3 | 9.81 | -3.06% |
FAQ
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