Imagicaaworld Entertainment Limited Stock Forecast
Evaluation of Imagicaaworld Entertainment Limited stock downgraded after the last trading session.
(Updated on Jun 27, 2024)
The Imagicaaworld Entertainment Limited stock price fell by -0.83% on the last day (Thursday, 27th Jun 2024) from ₹79.84 to ₹79.18. During the last trading day the stock fluctuated 3.57% from a day low at ₹78.67 to a day high of ₹81.48. The price has been going up and down for this period, and there has been a 1.64% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -571 thousand shares and in total, 1 million shares were bought and sold for approximately ₹104.36 million.
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at ₹79.77 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Imagicaaworld Entertainment Limited stock with a 90% probability to be traded between ₹69.26 and ₹78.21 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. 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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IMAGICAA.NS Signals & Forecast
The Imagicaaworld Entertainment 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 ₹78.78 and ₹78.23. 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). 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 Wednesday, June 26, 2024, and so far it has fallen -0.83%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Imagicaaworld Entertainment Limited stock
Imagicaaworld Entertainment Limited finds support from accumulated volume at ₹78.74 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹2.81 (3.57%) between high and low. For the last week, the stock has had daily average volatility of 4.58%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (IMAGICAA.NS) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Imagicaaworld Entertainment Limited to open at ₹79.78, and during the day (based on 14 day Average True Range), to move between ₹75.68 and ₹82.68, which gives a possible trading interval of +/-₹3.50 (+/-4.42%) up or down from last closing price. If Imagicaaworld Entertainment Limited takes out the full calculated possible swing range there will be an estimated 8.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹79.38 (0.25%) than the support at ₹78.74 (0.56%), 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 Imagicaaworld Entertainment Limited stock A Buy?
Imagicaaworld Entertainment Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.407 Sell Candidate Downgraded
Predicted Opening Price for Imagicaaworld Entertainment Limited of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| ₹79.78 ( 0.754%) | ₹79.18 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IMAGICAA.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 82.59 | 4.30% |
| R2 | 81.51 | 2.95% |
| R1 | 80.85 | 2.11% |
| Price | 79.18 | |
| S1 | 78.70 | -0.602% |
| S2 | 78.04 | -1.44% |
| S3 | 76.97 | -2.80% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 81.25 | 2.61% |
| R2 | 79.70 | 0.657% |
| R1 | 79.38 | 0.253% |
| Price | 79.18 | |
| S1 | 78.74 | -0.556% |
| S2 | 77.90 | -1.62% |
| S3 | 71.75 | -9.38% |
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