Davangere Sugar Company Limite Stock Forecast

Davangere Sugar Company Limite stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Jun 26, 2024)

DAVANGERE.BO Signals & Forecast

There are few to no technical positive signals at the moment. The Davangere Sugar Company Limite stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹9.10 and ₹9.74. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 31, 2024, and so far it has fallen -17.48%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Davangere Sugar Company Limite stock

Davangere Sugar Company Limite finds support from accumulated volume at ₹8.47 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 ₹0.460 between high and low, or 5.25%. For the last week, the stock has had daily average volatility of 5.54%.

Davangere Sugar Company Limite is oversold on RSI14 (15). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

Our recommended stop-loss: ₹8.19 (-6.70%) (This stock has medium daily movements and this gives medium risk. Low RSI14 is 15 which reduces the risk some. There is a sell signal from a pivot top found 67 days ago.)

Trading Expectations (DAVANGERE.BO) For The Upcoming Trading Day Of Thursday 27th

For the upcoming trading day on Thursday, 27th we expect Davangere Sugar Company Limite to open at ₹8.93, and during the day (based on 14 day Average True Range), to move between ₹8.24 and ₹9.32, which gives a possible trading interval of +/-₹0.543 (+/-6.18%) up or down from last closing price. If Davangere Sugar Company Limite takes out the full calculated possible swing range there will be an estimated 12.36% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹8.47 (3.53%) than the resistance at ₹9.09 (3.53%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Davangere Sugar Company Limite stock A Buy?

Davangere Sugar Company Limite holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.745 Hold/Accumulate Upgraded

Predicted Opening Price for Davangere Sugar Company Limite of Thursday, June 27, 2024

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