GTN Textiles Limited Stock Forecast

High volatility in GTN Textiles Limited stock price on Friday which ended trading at ₹12.68
(Updated on May 31, 2024)

GTNTEX.BO Signals & Forecast

The GTN Textiles 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 ₹12.72. On a fall, the stock will find some support from the long-term average at approximately ₹12.35. 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, May 02, 2024, and so far it has fallen -7.38%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.

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

GTN Textiles Limited finds support from accumulated volume at ₹12.45 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹1.79 between high and low, or 14.78%. For the last week the stock has had daily average volatility of 11.02%.

Our recommended stop-loss: ₹12.00 (-5.38%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 50 days ago.)

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

For the upcoming trading day on Monday, 3rd we expect GTN Textiles Limited to open at ₹12.90, and during the day (based on 14 day Average True Range), to move between ₹11.59 and ₹13.77, which gives a possible trading interval of +/-₹1.09 (+/-8.62%) up or down from last closing price. If GTN Textiles Limited takes out the full calculated possible swing range there will be an estimated 17.24% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹12.45 (1.81%) than the resistance at ₹13.07 (3.08%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is GTN Textiles 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 GTN Textiles Limited 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: 1.158 Buy Candidate Upgraded

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

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