Future Retail Limited Stock Forecast
Future Retail Limited stock price up 4.76% on Friday
(Updated on Jun 14, 2024)
The Future Retail Limited stock price gained 4.76% on the last trading day (Friday, 14th Jun 2024), rising from ₹3.15 to ₹3.30. It has now gained 10 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 0% from a day low at ₹3.30 to a day high of ₹3.30. The price has risen in 10 of the last 10 days and is up by 57.14% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 251 thousand more shares were traded than the day before. In total, 523 thousand shares were bought and sold for approximately ₹1.72 million.
The stock has broken the very wide and weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at ₹2.78, a level that may pose a second chance to hit a runner. According to fan-theory ₹3.52 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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FRETAIL.NS Signals & Forecast
The Future Retail 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 ₹2.88 and ₹2.31. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, May 21, 2024, and so far it has risen 65.00%. 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.
Support, Risk & Stop-loss for Future Retail Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹2.65 and ₹2.60. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Future Retail Limited finds support just below today's level at ₹2.65. If this is broken, then the next support from accumulated volume will be at ₹2.60 and ₹2.50.
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 ₹0 between high and low, or 0%. For the last week, the stock has had daily average volatility of 0%.
Since the Future Retail Limited has been rising for 10 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: ₹3.17 (-4.00%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 46 days ago.)
Trading Expectations (FRETAIL.NS) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Future Retail Limited to open at ₹3.30, and during the day (based on 14 day Average True Range), to move between ₹3.21 and ₹3.39, which gives a possible trading interval of +/-₹0.0850 (+/-2.58%) up or down from last closing price. If Future Retail Limited takes out the full calculated possible swing range there will be an estimated 5.15% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹2.65, some ₹0.650 (19.70%) from the current price of ₹3.30, our system finds the risk reward attractive.
Is Future Retail Limited stock A Buy?
Future Retail 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Future Retail Limited of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹3.30 ( 0.00000000%) | ₹3.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FRETAIL.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.30 | 0.00000000% |
| R2 | 3.30 | 0.00000000% |
| R1 | 3.30 | 0.00000000% |
| Price | 3.30 | |
| S1 | 3.30 | 0.00000000% |
| S2 | 3.30 | 0.00000000% |
| S3 | 3.30 | 0.00000000% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 3.30 | |
| S1 | 2.65 | -19.70% |
| S2 | 2.60 | -21.21% |
| S3 | 2.50 | -24.24% |
FAQ
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