Deccan Gold Mines Limited Stock Forecast
Volatile ride for Deccan Gold Mines Limited stock price on Friday moving between ₹103.00 and ₹113.90
(Updated on Jun 14, 2024)
The Deccan Gold Mines Limited stock price gained 4.27% on the last trading day (Friday, 14th Jun 2024), rising from ₹105.40 to ₹109.90. During the last trading day the stock fluctuated 10.58% from a day low at ₹103.00 to a day high of ₹113.90. The price has risen in 6 of the last 10 days and is up by 1.1% 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, 218 thousand more shares were traded than the day before. In total, 438 thousand shares were bought and sold for approximately ₹48.10 million.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Deccan Gold Mines Limited stock with a 90% probability to be traded between ₹101.43 and ₹132.35 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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DECNGOLD.BO Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 8.44%. 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). 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. The Deccan Gold Mines Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at ₹114.31. On a fall, the stock will find some support from the short-term average at ₹107.13. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for Deccan Gold Mines Limited stock
Deccan Gold Mines Limited finds support from accumulated volume at ₹105.75 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 ₹10.90 between high and low, or 10.58%. For the last week, the stock has had daily average volatility of 4.82%.
Our recommended stop-loss: ₹105.39 (-4.10%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 42 days ago.)
Trading Expectations (DECNGOLD.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Deccan Gold Mines Limited to open at ₹108.93, and during the day (based on 14 day Average True Range), to move between ₹103.79 and ₹116.01, which gives a possible trading interval of +/-₹6.11 (+/-5.56%) up or down from last closing price. If Deccan Gold Mines Limited takes out the full calculated possible swing range there will be an estimated 11.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹105.75 (3.78%) than the resistance at ₹124.25 (13.06%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Deccan Gold Mines Limited stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Deccan Gold Mines Limited stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.315 Buy Candidate Upgraded
Predicted Opening Price for Deccan Gold Mines Limited of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹108.93 ( 0.88%) | ₹109.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DECNGOLD.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 119.83 | 9.04% |
| R2 | 115.67 | 5.25% |
| R1 | 113.10 | 2.91% |
| Price | 109.90 | |
| S1 | 104.77 | -4.67% |
| S2 | 102.20 | -7.01% |
| S3 | 98.03 | -10.80% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 132.19 | 20.28% |
| R2 | 125.40 | 14.10% |
| R1 | 124.25 | 13.06% |
| Price | 109.90 | |
| S1 | 105.75 | -3.78% |
| S2 | 103.30 | -6.01% |
| S3 | 103.05 | -6.23% |
FAQ
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