Continental Chemicals Limited Stock Forecast

Green day on Tuesday for Continental Chemicals Limited
(Updated on Jun 25, 2024)

CONTCHM.BO Signals & Forecast

The Continental Chemicals 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 ₹74.82 and ₹74.14. 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). Continental Chemicals Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. 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 Friday, May 31, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found.

Sell

Special Signal Notification

Double Top Formation

A sell signal from a double top formation was found on Thursday, May 16, 2024 and based on theory for this formation the price should fall by -9.42% to ₹69.70 within 10 trading days since signal was issued (Friday, May 31, 2024).

Support, Risk & Stop-loss for Continental Chemicals Limited stock

Continental Chemicals Limited finds support from accumulated volume at ₹75.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹2.95 between high and low, or 3.99%. For the last week the stock has had daily average volatility of 3.91%.

Our recommended stop-loss: ₹74.35 (-3.38%) (This stock has low daily movements and this gives low risk. The RSI14 is 81 and this increases the risk substantially. There is a sell signal from a pivot top found 17 days ago.)

Trading Expectations (CONTCHM.BO) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Continental Chemicals Limited to open at ₹75.97, and during the day (based on 14 day Average True Range), to move between ₹74.44 and ₹79.46, which gives a possible trading interval of +/-₹2.51 (+/-3.26%) up or down from last closing price. If Continental Chemicals Limited takes out the full calculated possible swing range there will be an estimated 6.51% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹78.05 (1.43%) than the support at ₹75.00 (2.53%), 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 Continental Chemicals Limited 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 Continental Chemicals Limited stock to perform well in the short-term.

Current score: 3.084 Buy Candidate Unchanged

Predicted Opening Price for Continental Chemicals Limited of Wednesday, June 26, 2024

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