Erciyas Çelik Boru Sanayi A.S. Stock Forecast
Erciyas Çelik Boru Sanayi A.S. stock price ended at TRY 123.90 on Friday, after gaining 2.74%.
(Updated on Jun 14, 2024)
The Erciyas Çelik Boru Sanayi A.S. stock price gained 2.74% on the last trading day (Friday, 14th Jun 2024), rising from TRY 120.60 to TRY 123.90. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.85% from a day low at TRY 119.40 to a day high of TRY 124.00. The price has been going up and down for this period, and there has been a -3.65% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 127 thousand more shares were traded than the day before. In total, 432 thousand shares were bought and sold for approximately TRY 53.53 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -22.81% during the next 3 months and, with a 90% probability hold a price between TRY 89.13 and TRY 111.54 at the end of this 3-month period. 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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ERCB.IS Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 11, 2024, and so far it has risen 5.36%. 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 Erciyas Çelik Boru Sanayi A.S. 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 TRY 135.25. On a fall, the stock will find some support from the short-term average at TRY 120.19. 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 Erciyas Çelik Boru Sanayi A.S. stock
Erciyas Çelik Boru Sanayi A.S. finds support from accumulated volume at TRY 123.40 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 TRY 4.60 between high and low, or 3.85%. For the last week, the stock has had daily average volatility of 2.73%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ERCB.IS) For The Upcoming Trading Day Of Thursday 20th
For the upcoming trading day on Thursday, 20th we expect Erciyas Çelik Boru Sanayi A.S. to open at TRY 122.43, and during the day (based on 14 day Average True Range), to move between TRY 118.77 and TRY 129.03, which gives a possible trading interval of +/-TRY 5.13 (+/-4.14%) up or down from last closing price. If Erciyas Çelik Boru Sanayi A.S. takes out the full calculated possible swing range there will be an estimated 8.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at TRY 123.40 (0.40%) than the resistance at TRY 138.20 (11.54%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Erciyas Çelik Boru Sanayi A.S. stock A Buy?
Erciyas Çelik Boru Sanayi A.S. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.348 Sell Candidate Unchanged
Predicted Opening Price for Erciyas Çelik Boru Sanayi A.S. of Thursday, June 20, 2024
| Fair opening price June 20, 2024 | Current price |
|---|---|
| TRY 122.43 ( 1.18%) | TRY 123.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ERCB.IS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 127.03 | 2.53% |
| R2 | 125.28 | 1.11% |
| R1 | 124.19 | 0.234% |
| Price | 123.90 | |
| S1 | 120.68 | -2.60% |
| S2 | 119.59 | -3.48% |
| S3 | 117.83 | -4.90% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 147.50 | 19.05% |
| R2 | 141.00 | 13.80% |
| R1 | 138.20 | 11.54% |
| Price | 123.90 | |
| S1 | 123.40 | -0.404% |
| S2 | 122.40 | -1.21% |
| S3 | 120.00 | -3.15% |
FAQ
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