CPSE ETF Stock Forecast
CPSE ETF stock price up 1.19% on Friday
(Updated on May 17, 2024)
The CPSE ETF stock price gained 1.19% on the last trading day (Friday, 17th May 2024), rising from ₹87.70 to ₹88.74. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.98% from a day low at ₹87.30 to a day high of ₹89.03. The price has risen in 6 of the last 10 days and is up by 0.1% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 142 thousand more shares were traded than the day before. In total, 239 thousand shares were bought and sold for approximately ₹21.17 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 9.28% during the next 3 months and, with a 90% probability hold a price between ₹88.02 and ₹99.26 at the end of this 3-month period.
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CPSEETF.BO Signals & Forecast
The CPSE ETF 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 ₹86.18 and ₹84.39. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 09, 2024, and so far it has risen 5.95%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for CPSE ETF stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹84.14 and ₹76.52. 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, CPSE ETF finds support just below today's level at ₹84.14. If this is broken, then the next support from accumulated volume will be at ₹76.52 and ₹75.72.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹1.73 (1.98%) between high and low. For the last week, the stock has had daily average volatility of 2.32%.
Our recommended stop-loss: ₹85.02 (-4.20%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (CPSEETF.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect CPSE ETF to open at ₹88.36, and during the day (based on 14 day Average True Range), to move between ₹86.65 and ₹90.83, which gives a possible trading interval of +/-₹2.09 (+/-2.35%) up or down from last closing price. If CPSE ETF takes out the full calculated possible swing range there will be an estimated 4.70% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹84.14, some ₹4.60 (5.18%) from the current price of ₹88.74, our system finds the risk reward attractive.
Is CPSE ETF 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 CPSE ETF stock to perform well in the short-term.
Current score: 4.153 Buy Candidate Unchanged
Predicted Opening Price for CPSE ETF of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹88.36 ( 0.432%) | ₹88.74 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CPSEETF.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 90.09 | 1.52 % | |
| R2 | 89.43 | 0.773 % | ||
| R1 | 89.02 | 0.313 % | ||
| Current price: | 88.74 | |||
| Support | S1 | 87.70 | -1.18 % | |
| S2 | 87.29 | -1.64 % | ||
| S3 | 86.63 | -2.38 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 88.74 | |||
| Support | S1 | 84.14 | -5.18% | |
| S2 | 76.52 | -13.77% | ||
| S3 | 75.72 | -14.67% |
FAQ
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