Gujarat Cotex Limited Stock Forecast

Volatile ride for Gujarat Cotex Limited stock price on Friday moving between ₹4.05 and ₹4.47
(Updated on May 17, 2024)

GUJCOTEX.BO Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, May 16, 2024, and so far it has risen 4.93%. Further rise is indicated until a new top pivot has been found. Gujarat Cotex 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. The Gujarat Cotex 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 ₹4.48 and ₹4.55. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Gujarat Cotex Limited stock

Gujarat Cotex Limited finds support from accumulated volume at ₹4.45 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 ₹0.420 between high and low, or 10.37%. For the last week, the stock has had daily average volatility of 6.51%.

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

Trading Expectations (GUJCOTEX.BO) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Gujarat Cotex Limited to open at ₹4.33, and during the day (based on 14 day Average True Range), to move between ₹4.18 and ₹4.76, which gives a possible trading interval of +/-₹0.291 (+/-6.51%) up or down from last closing price. If Gujarat Cotex Limited takes out the full calculated possible swing range there will be an estimated 13.02% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹4.45 (0.45%) than the resistance at ₹4.87 (8.95%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Gujarat Cotex Limited stock A Buy?

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

Current score: -1.404 Sell Candidate Unchanged

Predicted Opening Price for Gujarat Cotex Limited of Tuesday, May 21, 2024

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