DEN Networks Limited Stock Forecast
Stronger technical forecast for DEN Networks Limited stock price after Friday trading.
(Updated on Jun 14, 2024)
The DEN Networks Limited stock price gained 1.05% on the last trading day (Friday, 14th Jun 2024), rising from ₹53.23 to ₹53.79. During the last trading day the stock fluctuated 3.85% from a day low at ₹53.30 to a day high of ₹55.35. The price has risen in 8 of the last 10 days and is up by 9.33% 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, 3 million more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately ₹232.03 million.
Given the current horizontal trend, you can expect DEN Networks Limited stock with a 90% probability to be traded between ₹45.97 and ₹53.71 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. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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DEN.NS Signals & Forecast
The DEN Networks 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 ₹51.65 and ₹50.62. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 16.81%. 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 DEN Networks Limited stock
DEN Networks Limited finds support from accumulated volume at ₹53.20 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 ₹2.05 between high and low, or 3.85%. For the last week, the stock has had daily average volatility of 3.84%.
Our recommended stop-loss: ₹51.69 (-3.90%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 37 days ago.)
Trading Expectations (DEN.NS) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect DEN Networks Limited to open at ₹54.15, and during the day (based on 14 day Average True Range), to move between ₹51.66 and ₹55.92, which gives a possible trading interval of +/-₹2.13 (+/-3.96%) up or down from last closing price. If DEN Networks Limited takes out the full calculated possible swing range there will be an estimated 7.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹53.80 (0.02%) than the support at ₹53.20 (1.10%), 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 DEN Networks 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 DEN Networks 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: 1.694 Buy Candidate Upgraded
Predicted Opening Price for DEN Networks Limited of Tuesday, June 18, 2024
Fair opening price June 18, 2024 | Current price |
---|---|
₹54.15 ( 0.663%) | ₹53.79 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DEN.NS
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 56.20 | 4.47% |
R2 | 55.41 | 3.02% |
R1 | 54.93 | 2.12% |
Price | 53.79 | |
S1 | 53.36 | -0.793% |
S2 | 52.88 | -1.69% |
S3 | 52.10 | -3.15% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0 | - |
R2 | 0 | - |
R1 | 53.80 | 0.0186% |
Price | 53.79 | |
S1 | 53.20 | -1.10% |
S2 | 52.32 | -2.73% |
S3 | 52.00 | -3.33% |
FAQ
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