Energy Development Company Limited Stock Forecast
Stronger technical forecast for Energy Development Company Limited stock price after Friday trading.
(Updated on Jun 14, 2024)
The Energy Development Company Limited stock price fell by -0.83% on the last day (Friday, 14th Jun 2024) from ₹22.95 to ₹22.76. During the last trading day the stock fluctuated 3.78% from a day low at ₹22.50 to a day high of ₹23.35. The price has been going up and down for this period, and there has been a 6.85% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -11 thousand shares and in total, 106 thousand shares were bought and sold for approximately ₹2.42 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 Energy Development Company Limited stock with a 90% probability to be traded between ₹20.65 and ₹28.70 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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ENERGYDEV.NS Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, June 05, 2024, and so far it has risen 8.64%. 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. The Energy Development Company 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 ₹23.03. On a fall, the stock will find some support from the short-term average at ₹22.52. 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. 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 Energy Development Company Limited stock
Energy Development Company Limited finds support from accumulated volume at ₹22.65 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 ₹0.85 between high and low, or 3.78%. For the last week, the stock has had daily average volatility of 3.84%.
Our recommended stop-loss: ₹21.84 (-4.04%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 50 days ago.)
Trading Expectations (ENERGYDEV.NS) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Energy Development Company Limited to open at ₹22.87, and during the day (based on 14 day Average True Range), to move between ₹21.77 and ₹23.75, which gives a possible trading interval of +/-₹0.99 (+/-4.36%) 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 8.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹22.65 (0.48%) than the resistance at ₹22.95 (0.83%), 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?
Energy Development Company Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, 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: -0.803 Hold/Accumulate Upgraded
Predicted Opening Price for Energy Development Company Limited of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹22.87 ( 0.483%) | ₹22.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ENERGYDEV.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 23.72 | 4.22% |
| R2 | 23.40 | 2.79% |
| R1 | 23.19 | 1.91% |
| Price | 22.76 | |
| S1 | 22.55 | -0.94% |
| S2 | 22.34 | -1.82% |
| S3 | 22.02 | -3.25% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 27.90 | 22.58% |
| R2 | 24.45 | 7.43% |
| R1 | 22.95 | 0.83% |
| Price | 22.76 | |
| S1 | 22.65 | -0.483% |
| S2 | 22.00 | -3.34% |
| S3 | 21.25 | -6.63% |
ENERGYDEV Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 18, 2020 | Dec 18, 2020 | Dec 18, 2020 | ₹0.500 | 4.95% |
| 2 | May 30, 2019 | Sep 20, 2019 | Sep 30, 2019 | ₹0.500 | 9.01% |
| 3 | Jun 07, 2018 | Sep 19, 2018 | Oct 29, 2018 | ₹0.500 | 5.15% |
| 4 | May 29, 2017 | Sep 21, 2017 | Oct 30, 2017 | ₹0.500 | 2.37% |
| 5 | May 30, 2016 | Sep 21, 2016 | Oct 29, 2016 | ₹0.500 | 0.228% |
FAQ
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