Energy Development Company Limited Stock Forecast

Red day on Tuesday for Energy Development Company Limited
(Updated on Jun 25, 2024)

ENERGYDEV.BO Signals & Forecast

The Energy Development Company 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 ₹22.81 and ₹22.73. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 05, 2024, and so far it has risen 10.06%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The stock had a Golden Star Signal on Friday, June 21, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Energy Development Company Limited stock

Energy Development Company Limited finds support from accumulated volume at ₹22.95 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹0.570 between high and low, or 2.49%. For the last week the stock has had daily average volatility of 2.89%.

Our recommended stop-loss: ₹22.14 (-3.64%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 52 days ago.)

Trading Expectations (ENERGYDEV.BO) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Energy Development Company Limited to open at ₹23.10, and during the day (based on 14 day Average True Range), to move between ₹22.09 and ₹23.87, which gives a possible trading interval of +/-₹0.89 (+/-3.89%) up or down from last closing price. If Energy Development Company Limited takes out the full calculated possible swing range there will be an estimated 7.78% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹22.95 (0.13%) than the resistance at ₹23.50 (2.26%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Energy Development Company Limited stock A Buy?

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.

Current score: 1.160 Buy Candidate Unchanged

Predicted Opening Price for Energy Development Company Limited of Wednesday, June 26, 2024

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