Essar Shipping Limited Stock Forecast
High volatility in Essar Shipping Limited stock price on Tuesday which ended trading at ₹50.95
(Updated on Jun 25, 2024)
The Essar Shipping Limited stock price fell by -4.70% on the last day (Tuesday, 25th Jun 2024) from ₹53.46 to ₹50.95. During the last trading day the stock fluctuated 11.62% from a day low at ₹49.66 to a day high of ₹55.43. The price has risen in 7 of the last 10 days and is up by 35.4% over the past 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 -91 thousand shares and in total, 324 thousand shares were bought and sold for approximately ₹16.49 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 63.26% during the next 3 months and, with a 90% probability hold a price between ₹53.13 and ₹96.61 at the end of this 3-month period.
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ESSARSHPNG.BO Signals & Forecast
The Essar Shipping 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 ₹51.91. On a fall, the stock will find some support from the long-term average at approximately ₹35.33. 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 Thursday, June 20, 2024, and so far it has fallen -12.14%. Further fall is indicated until a new bottom pivot has been found. 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 Essar Shipping Limited stock
Essar Shipping Limited finds support from accumulated volume at ₹49.12 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ₹5.77 between high and low, or 11.62%. For the last week, the stock has had daily average volatility of 11.19%.
Our recommended stop-loss: ₹48.46 (-4.90%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (ESSARSHPNG.BO) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Essar Shipping Limited to open at ₹52.01, and during the day (based on 14 day Average True Range), to move between ₹46.91 and ₹54.99, which gives a possible trading interval of +/-₹4.04 (+/-7.92%) up or down from last closing price. If Essar Shipping Limited takes out the full calculated possible swing range there will be an estimated 15.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹49.12 (3.59%) than the resistance at ₹53.17 (4.36%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Essar Shipping 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 Essar Shipping Limited stock to perform well in the short-term.
Current score: 1.221 Buy Candidate Unchanged
Predicted Opening Price for Essar Shipping Limited of Wednesday, June 26, 2024
Fair opening price June 26, 2024 | Current price |
---|---|
₹52.01 ( 2.09%) | ₹50.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ESSARSHPNG.BO
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 57.78 | 13.41% |
R2 | 55.58 | 9.09% |
R1 | 54.22 | 6.41% |
Price | 50.95 | |
S1 | 49.81 | -2.24% |
S2 | 48.45 | -4.91% |
S3 | 46.24 | -9.24% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 57.99 | 13.82% |
R2 | 54.03 | 6.05% |
R1 | 53.17 | 4.36% |
Price | 50.95 | |
S1 | 49.12 | -3.59% |
S2 | 46.09 | -9.54% |
S3 | 45.15 | -11.38% |
FAQ
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