Indowind Energy Limited Stock Forecast
On Tuesday, Indowind Energy Limited stock price gained an impressive 9.97%
(Updated on Jul 02, 2024)
The Indowind Energy Limited stock price gained 9.97% on the last trading day (Tuesday, 2nd Jul 2024), rising from ₹27.27 to ₹29.99. During the last trading day the stock fluctuated 9.81% from a day low at ₹27.31 to a day high of ₹29.99. The price has been going up and down for this period, and there has been a 23.21% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 540 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately ₹54.74 million.
The stock has broken the very wide and weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at ₹27.44, a level that may pose a second chance to hit a runner. According to fan-theory ₹33.49 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
INDOWIND.NS Signals & Forecast
Mostly positive signals in the chart today. The Indowind Energy 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 ₹27.06 and ₹23.71. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 28, 2024, and so far it has risen 17.19%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
A buy signal from a double bottom formation was found on Thursday, May 30, 2024 with a target of ₹23.58. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.
Support, Risk & Stop-loss for Indowind Energy Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹27.14 and ₹25.51. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Indowind Energy Limited finds support just below today's level at ₹27.14. If this is broken, then the next support from accumulated volume will be at ₹25.51 and ₹25.05.
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 ₹2.68 between high and low, or 9.81%. For the last week, the stock has had daily average volatility of 8.39%.
The Indowind Energy Limited stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: ₹28.95 (-3.48%) (This stock has high daily movements and this gives high risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (INDOWIND.NS) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Indowind Energy Limited to open at ₹29.10, and during the day (based on 14 day Average True Range), to move between ₹28.09 and ₹31.89, which gives a possible trading interval of +/-₹1.90 (+/-6.34%) up or down from last closing price. If Indowind Energy Limited takes out the full calculated possible swing range there will be an estimated 12.69% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹27.14, some ₹2.85 (9.50%) from the current price of ₹29.99, our system finds the risk reward attractive.
Is Indowind Energy Limited stock A Buy?
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Indowind Energy Limited stock to perform well in the short-term period.
Current score: 8.681 Strong Buy Candidate Unchanged
Predicted Opening Price for Indowind Energy Limited of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| ₹29.10 ( 2.98%) | ₹29.99 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INDOWIND.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 31.78 | 5.96% |
| R2 | 30.75 | 2.54% |
| R1 | 30.12 | 0.435% |
| Price | 29.99 | |
| S1 | 28.07 | -6.39% |
| S2 | 27.44 | -8.50% |
| S3 | 26.42 | -11.92% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 29.99 | |
| S1 | 27.14 | -9.50% |
| S2 | 25.51 | -14.94% |
| S3 | 25.05 | -16.47% |
FAQ
Click here for our free guide on how to buy Indowind Energy Limited Stock.
