Indo Euro Indchem Limited Stock Forecast
Indo Euro Indchem Limited stock downgraded from Sell Candidate to Strong Sell Candidate after Friday trading session.
(Updated on Jun 21, 2024)
The Indo Euro Indchem Limited stock price fell by -0.303% on the last day (Friday, 21st Jun 2024) from ₹16.50 to ₹16.45. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 0.608% from a day low at ₹16.45 to a day high of ₹16.55. The price has risen in 6 of the last 10 days and is up by 13.14% over the past 2 weeks. Volume has increased on the last day by 1 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 thousand shares were bought and sold for approximately ₹18.98 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ₹15.15 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 32.41% during the next 3 months and, with a 90% probability hold a price between ₹20.06 and ₹33.18 at the end of this 3-month period.
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INDOEURO.BO Signals & Forecast
There are few to no technical positive signals at the moment. The Indo Euro Indchem Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ₹16.73 and ₹16.73. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, May 21, 2024, and so far it has fallen -27.50%. 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). Indo Euro Indchem 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". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Indo Euro Indchem Limited stock
Indo Euro Indchem Limited finds support from accumulated volume at ₹16.33 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 ₹0.100 between high and low, or 0.608%. For the last week, the stock has had daily average volatility of 0.522%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (INDOEURO.BO) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Indo Euro Indchem Limited to open at ₹16.48, and during the day (based on 14 day Average True Range), to move between ₹15.67 and ₹17.23, which gives a possible trading interval of +/-₹0.779 (+/-4.73%) up or down from last closing price. If Indo Euro Indchem Limited takes out the full calculated possible swing range there will be an estimated 9.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹16.33 (0.73%) than the resistance at ₹18.84 (14.53%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Indo Euro Indchem Limited stock A Buy?
The Indo Euro Indchem Limited stock holds several negative signals and despite the positive trend, we believe Indo Euro Indchem Limited will perform weakly in the next couple of days or weeks. Therefore, we 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 Sell to a Strong Sell candidate.
Current score: -5.190 Strong Sell Candidate Downgraded
Predicted Opening Price for Indo Euro Indchem Limited of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| ₹16.48 ( 0.203%) | ₹16.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INDOEURO.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 16.58 | 0.81% |
| R2 | 16.55 | 0.578% |
| R1 | 16.52 | 0.435% |
| Price | 16.45 | |
| S1 | 16.45 | -0.0296% |
| S2 | 16.42 | -0.173% |
| S3 | 16.38 | -0.405% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 19.47 | 18.36% |
| R2 | 18.88 | 14.77% |
| R1 | 18.84 | 14.53% |
| Price | 16.45 | |
| S1 | 16.33 | -0.729% |
| S2 | 14.85 | -9.73% |
| S3 | 13.50 | -17.93% |
FAQ
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