Lytus Technologies Holdings PTV. Ltd. Stock Forecast
Green day on Wednesday for Lytus Technologies Holdings PTV. Ltd. stock after gaining 1.50%
(Updated on May 08, 2024)
The Lytus Technologies Holdings PTV. Ltd. stock price gained 1.50% on the last trading day (Wednesday, 8th May 2024), rising from $3.34 to $3.39. During the last trading day the stock fluctuated 3.31% from a day low at $3.39 to a day high of $3.50. The price has fallen in 8 of the last 10 days and is down by -17.72% for this period. Volume fell on the last day by -8 thousand shares and in total, 17 thousand shares were bought and sold for approximately $57.32 thousand. 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.
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 $2.26 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 32.06% during the next 3 months and, with a 90% probability hold a price between $2.99 and $13.86 at the end of this 3-month period.
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LYT Signals & Forecast
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. The Lytus Technologies Holdings PTV. Ltd. 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 $3.49 and $3.98. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 07, 2024, and so far it has fallen -61.03%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Lytus Technologies Holdings PTV. Ltd. stock
Lytus Technologies Holdings PTV. Ltd. finds support from accumulated volume at $3.37 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.112 between high and low, or 3.31%. For the last week the stock has had daily average volatility of 7.15%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (LYT) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Lytus Technologies Holdings PTV. Ltd. to open at $3.43, and during the day (based on 14 day Average True Range), to move between $2.88 and $3.90, which gives a possible trading interval of +/-$0.510 (+/-15.05%) up or down from last closing price. If Lytus Technologies Holdings PTV. Ltd. takes out the full calculated possible swing range there will be an estimated 30.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.37 (0.59%) than the resistance at $4.03 (18.88%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Lytus Technologies Holdings PTV. Ltd. stock A Buy?
The Lytus Technologies Holdings PTV. Ltd. stock holds several negative signals and despite the positive trend, we believe Lytus Technologies Holdings PTV. Ltd. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -4.030 Sell Candidate Unchanged
Predicted Opening Price for Lytus Technologies Holdings PTV. Ltd. of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $3.43 ( 1.10%) | $3.39 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LYT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.54 | 4.42 % | |
| R2 | 3.50 | 3.15 % | ||
| R1 | 3.47 | 2.37 % | ||
| Current price: | 3.39 | |||
| Support | S1 | 3.38 | -0.161 % | |
| S2 | 3.36 | -0.94 % | ||
| S3 | 3.32 | -2.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.19 | 23.60 % | |
| R2 | 4.11 | 21.24 % | ||
| R1 | 4.03 | 18.88 % | ||
| Current price | 3.39 | |||
| Support | S1 | 3.37 | -0.590% | |
| S2 | 3.35 | -1.18% | ||
| S3 | 3.10 | -8.55% |
FAQ
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