Mirae Asset Mutual Fund Trust Forecast
Evaluation of Mirae Asset Mutual Fund trust downgraded after the last trading session.
(Updated on Jun 28, 2024)
The Mirae Asset Mutual Fund trust price gained 0.219% on the last trading day (Friday, 28th Jun 2024), rising from ₹36.61 to ₹36.69. During the last trading day the trust fluctuated 1.10% from a day low at ₹36.42 to a day high of ₹36.82. The price has risen in 7 of the last 10 days and is up by 4% over the past 2 weeks. Volume fell on the last day by -208 thousand shares and in total, 84 thousand shares were bought and sold for approximately ₹3.09 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Given the current horizontal trend, you can expect Mirae Asset Mutual Fund trust with a 90% probability to be traded between ₹33.58 and ₹37.34 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 trusts seldom manage to go directly from the bottom of a trend up to the top. Trusts turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ITETF.BO Signals & Forecast
Mostly positive signals in the chart today. The Mirae Asset Mutual Fund trust 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 ₹35.97 and ₹34.53. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 11.83%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The trust should be watched closely.
Support, Risk & Stop-loss for Mirae Asset Mutual Fund trust
Mirae Asset Mutual Fund finds support from accumulated volume at ₹36.61 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This trust has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the trust moved ₹0.400 between high and low, or 1.10%. For the last week, the trust has had daily average volatility of 1.53%.
Our recommended stop-loss: ₹35.15 (-4.21%) (This trust has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 23 days ago.)
Trading Expectations (ITETF.BO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Mirae Asset Mutual Fund to open at ₹36.64, and during the day (based on 14 day Average True Range), to move between ₹36.08 and ₹37.30, which gives a possible trading interval of +/-₹0.609 (+/-1.66%) up or down from last closing price. If Mirae Asset Mutual Fund takes out the full calculated possible swing range there will be an estimated 3.32% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹36.61, some ₹0.0800 (0.22%) from the current price of ₹36.69, our system finds the risk reward attractive.
Is Mirae Asset Mutual Fund trust A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Mirae Asset Mutual Fund trust to perform well in the short-term period. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this trust since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 4.716 Buy Candidate Downgraded
Predicted Opening Price for Mirae Asset Mutual Fund of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹36.64 ( 0.127%) | ₹36.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ITETF.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 37.04 | 0.96% |
| R2 | 36.89 | 0.547% |
| R1 | 36.80 | 0.289% |
| Price | 36.69 | |
| S1 | 36.49 | -0.544% |
| S2 | 36.40 | -0.80% |
| S3 | 36.24 | -1.22% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 36.69 | |
| S1 | 36.61 | -0.218% |
| S2 | 33.89 | -7.63% |
| S3 | 33.52 | -8.64% |
FAQ
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