Magna Electro Castings Limited Stock Forecast

Red day on Tuesday for Magna Electro Castings Limited
(Updated on Jun 25, 2024)

MAGNAELQ.BO Signals & Forecast

The Magna Electro Castings 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 ₹462.49 and ₹454.35. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 05, 2024, and so far it has risen 7.07%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The stock had a Golden Star Signal on Thursday, June 13, 2024 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Magna Electro Castings Limited stock

Magna Electro Castings Limited finds support from accumulated volume at ₹459.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved ₹10.00 between high and low, or 2.15%. For the last week the stock has had daily average volatility of 4.22%.

Our recommended stop-loss: ₹448.82 (-3.78%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 43 days ago.)

Trading Expectations (MAGNAELQ.BO) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Magna Electro Castings Limited to open at ₹468.82, and during the day (based on 14 day Average True Range), to move between ₹445.55 and ₹487.35, which gives a possible trading interval of +/-₹20.90 (+/-4.48%) up or down from last closing price. If Magna Electro Castings Limited takes out the full calculated possible swing range there will be an estimated 8.96% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹468.25 (0.39%) than the support at ₹459.00 (1.60%), 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 Magna Electro Castings Limited stock 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 Magna Electro Castings Limited stock to perform well in the short-term period.

Current score: 2.625 Buy Candidate Unchanged

Predicted Opening Price for Magna Electro Castings Limited of Wednesday, June 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.