Dhanlaxmi Fabrics Limited Stock Forecast

Red day on Friday for Dhanlaxmi Fabrics Limited
(Updated on Jun 14, 2024)

DHANFAB.BO Signals & Forecast

The Dhanlaxmi Fabrics Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹73.16. On a fall, the stock will find some support from the long-term average at approximately ₹69.27. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, June 07, 2024, and so far it has fallen -5.63%. Further fall is indicated until a new bottom pivot has been found. Dhanlaxmi Fabrics Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Dhanlaxmi Fabrics Limited stock

Dhanlaxmi Fabrics Limited finds support from accumulated volume at ₹71.69 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 ₹5.07 between high and low, or 7.23%. For the last week, the stock has had daily average volatility of 7.54%.

Our recommended stop-loss: ₹68.37 (-4.92%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 38 days ago.)

Trading Expectations (DHANFAB.BO) For The Upcoming Trading Day Of Tuesday 18th

For the upcoming trading day on Tuesday, 18th we expect Dhanlaxmi Fabrics Limited to open at ₹72.39, and during the day (based on 14 day Average True Range), to move between ₹67.41 and ₹76.41, which gives a possible trading interval of +/-₹4.50 (+/-6.25%) up or down from last closing price. If Dhanlaxmi Fabrics Limited takes out the full calculated possible swing range there will be an estimated 12.50% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹71.69 (0.31%) than the resistance at ₹74.43 (3.50%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Dhanlaxmi Fabrics Limited 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 Dhanlaxmi Fabrics Limited stock to perform well in the short-term.

Current score: 1.296 Buy Candidate Unchanged

Predicted Opening Price for Dhanlaxmi Fabrics Limited of Tuesday, June 18, 2024

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