Gokak Textiles Limited Stock Forecast

Gokak Textiles Limited stock price down 4.96% on Friday
(Updated on May 31, 2024)

GOKAKTEX.BO Signals & Forecast

There are few to no technical positive signals at the moment. The Gokak Textiles Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹177.32 and ₹200.36. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -33.26%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Gokak Textiles Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".

Support, Risk & Stop-loss for Gokak Textiles Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹145.35 and ₹126.15. 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, Gokak Textiles Limited finds support just below today's level at ₹145.35. If this is broken, then the next support from accumulated volume will be at ₹126.15 and ₹124.05.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹7.90 between high and low, or 4.97%. For the last week, the stock has had daily average volatility of 7.37%.

Gokak Textiles Limited is oversold on RSI14 (15). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (GOKAKTEX.BO) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect Gokak Textiles Limited to open at ₹161.75, and during the day (based on 14 day Average True Range), to move between ₹147.22 and ₹171.08, which gives a possible trading interval of +/-₹11.93 (+/-7.49%) up or down from last closing price. If Gokak Textiles Limited takes out the full calculated possible swing range there will be an estimated 14.99% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹159.85 (0.44%) than the support at ₹145.35 (8.67%), 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 Gokak Textiles Limited stock A Buy?

The Gokak Textiles Limited stock holds several negative signals and despite the positive trend, we believe Gokak Textiles Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Current score: -2.748 Sell Candidate Unchanged

Predicted Opening Price for Gokak Textiles Limited of Monday, June 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.