Coral Newsprints Ltd Stock Forecast

Big movements in Coral Newsprints Ltd stock price on Thursday moving 10.36% between high and low
(Updated on May 02, 2024)

CORNE.BO Signals & Forecast

Mostly positive signals in the chart today. The Coral Newsprints 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 ₹12.23 and ₹10.08. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 14.91%. 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). Coral Newsprints Ltd 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. The stock had a Golden Star Signal on Tuesday, January 16, 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 Coral Newsprints Ltd stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹12.40 and ₹11.30. 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, Coral Newsprints Ltd finds support just below today's level at ₹12.40. If this is broken, then the next support from accumulated volume will be at ₹11.30 and ₹9.90.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ₹1.23 between high and low, or 10.36%. For the last week, the stock has had daily average volatility of 5.49%.

The Coral Newsprints Ltd stock is extremely overbought on RSI14 (82). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: ₹12.66 (-3.36%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 82 and this increases the risk substantially. There is a buy signal from a pivot bottom found 4 days ago.)

Trading Expectations (CORNE.BO) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Coral Newsprints Ltd to open at ₹12.69, and during the day (based on 14 day Average True Range), to move between ₹12.33 and ₹13.87, which gives a possible trading interval of +/-₹0.773 (+/-5.90%) up or down from last closing price. If Coral Newsprints Ltd takes out the full calculated possible swing range there will be an estimated 11.80% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹12.40, some ₹0.700 (5.34%) from the current price of ₹13.10, our system finds the risk reward attractive.

Is Coral Newsprints Ltd stock A Buy?

Coral Newsprints Ltd holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 6.938 Strong Buy Candidate Upgraded

Predicted Opening Price for Coral Newsprints Ltd of Friday, May 3, 2024

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