Frontline Corporation Limited Stock Forecast
High volatility in Frontline Corporation Limited stock price on Friday which ended trading at ₹39.89
(Updated on Jun 28, 2024)
The Frontline Corporation Limited stock price gained 4.31% on the last trading day (Friday, 28th Jun 2024), rising from ₹38.24 to ₹39.89. During the last trading day the stock fluctuated 10.34% from a day low at ₹36.25 to a day high of ₹40.00. The price has risen in 6 of the last 10 days and is up by 4.45% 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, 962 more shares were traded than the day before. In total, 1 thousand shares were bought and sold for approximately ₹44.08 thousand.
The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at ₹40.58 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -7.26% during the next 3 months and, with a 90% probability hold a price between ₹31.27 and ₹37.63 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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FRONTCORP.BO Signals & Forecast
Mostly positive signals in the chart today. The Frontline Corporation 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 ₹38.65 and ₹37.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 26, 2024, and so far it has risen 4.37%. 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). Frontline Corporation Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Frontline Corporation Limited stock
Frontline Corporation Limited finds support from accumulated volume at ₹39.35 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 ₹3.75 between high and low, or 10.34%. For the last week, the stock has had daily average volatility of 6.73%.
Our recommended stop-loss: ₹38.16 (-4.33%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (FRONTCORP.BO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Frontline Corporation Limited to open at ₹38.71, and during the day (based on 14 day Average True Range), to move between ₹37.27 and ₹42.51, which gives a possible trading interval of +/-₹2.62 (+/-6.57%) up or down from last closing price. If Frontline Corporation Limited takes out the full calculated possible swing range there will be an estimated 13.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹40.26 (0.93%) than the support at ₹39.35 (1.35%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Frontline Corporation 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.839 Buy Candidate Upgraded
Predicted Opening Price for Frontline Corporation Limited of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹38.71 ( 2.95%) | ₹39.89 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FRONTCORP.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 42.46 | 6.45% |
| R2 | 41.03 | 2.86% |
| R1 | 40.15 | 0.641% |
| Price | 39.89 | |
| S1 | 37.28 | -6.54% |
| S2 | 36.40 | -8.76% |
| S3 | 34.96 | -12.35% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 41.47 | 3.96% |
| R2 | 41.32 | 3.58% |
| R1 | 40.26 | 0.93% |
| Price | 39.89 | |
| S1 | 39.35 | -1.35% |
| S2 | 38.71 | -2.96% |
| S3 | 38.57 | -3.31% |
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