Goyal Associates Limited Stock Forecast
Stronger technical forecast for Goyal Associates Limited stock price after Friday trading.
(Updated on May 31, 2024)
The Goyal Associates Limited stock price gained 4.86% on the last trading day (Friday, 31st May 2024), rising from ₹1.85 to ₹1.94. During the last trading day the stock fluctuated 1.04% from a day low at ₹1.92 to a day high of ₹1.94. The price has fallen in 6 of the last 10 days but is still up by 5.43% 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, 83 thousand more shares were traded than the day before. In total, 262 thousand shares were bought and sold for approximately ₹508.70 thousand.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Goyal Associates Limited stock with a 90% probability to be traded between ₹1.80 and ₹2.07 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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GOYALASS.BO Signals & Forecast
The Goyal Associates Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹1.89 and ₹1.89. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Goyal Associates 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. Higher liquidity also reduces the general risk. 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 Friday, May 17, 2024, and so far it has fallen -2.51%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Goyal Associates Limited stock
Goyal Associates Limited finds support from accumulated volume at ₹1.89 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 ₹0.0200 between high and low, or 1.04%. For the last week, the stock has had daily average volatility of 7.44%.
Our recommended stop-loss: ₹1.85 (-4.49%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 35 days ago.)
Trading Expectations (GOYALASS.BO) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Goyal Associates Limited to open at ₹1.93, and during the day (based on 14 day Average True Range), to move between ₹1.80 and ₹2.08, which gives a possible trading interval of +/-₹0.136 (+/-7.00%) up or down from last closing price. If Goyal Associates Limited takes out the full calculated possible swing range there will be an estimated 14.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹1.98 (2.06%) than the support at ₹1.89 (2.58%), 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 Goyal Associates Limited stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Goyal Associates Limited stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.485 Buy Candidate Upgraded
Predicted Opening Price for Goyal Associates Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| ₹1.93 ( 0.344%) | ₹1.94 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GOYALASS.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.95 | 0.687 % | |
| R2 | 1.95 | 0.293 % | ||
| R1 | 1.94 | 0.0502 % | ||
| Current price: | 1.94 | |||
| Support | S1 | 1.93 | -0.737 % | |
| S2 | 1.92 | -0.98 % | ||
| S3 | 1.91 | -1.37 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.00 | 3.09 % | |
| R2 | 1.99 | 2.58 % | ||
| R1 | 1.98 | 2.06 % | ||
| Current price | 1.94 | |||
| Support | S1 | 1.89 | -2.58% | |
| S2 | 1.88 | -3.09% | ||
| S3 | 1.85 | -4.64% |
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