Mangalam Organics Limited Stock Forecast

Mangalam Organics Limited stock upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on Jun 14, 2024)

MANORG.BO Signals & Forecast

The Mangalam Organics Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹354.78 and ₹366.26. A breakdown below any of these levels will issue sell signals. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -12.63%. Further fall is indicated until a new bottom pivot has been found. The stock had a Golden Star Signal on Friday, May 10, 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 Mangalam Organics Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹318.40 and ₹290.75. 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, Mangalam Organics Limited finds support just below today's level at ₹318.40. If this is broken, then the next support from accumulated volume will be at ₹290.75 and ₹277.30.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹17.40 between high and low, or 4.92%. For the last week, the stock has had daily average volatility of 2.51%.

Our recommended stop-loss: ₹348.03 (-5.76%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 50 days ago.)

Trading Expectations (MANORG.BO) For The Upcoming Trading Day Of Tuesday 18th

For the upcoming trading day on Tuesday, 18th we expect Mangalam Organics Limited to open at ₹364.90, and during the day (based on 14 day Average True Range), to move between ₹355.89 and ₹382.71, which gives a possible trading interval of +/-₹13.41 (+/-3.63%) up or down from last closing price. If Mangalam Organics Limited takes out the full calculated possible swing range there will be an estimated 7.26% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹386.40 (4.63%) than the support at ₹318.40 (13.78%), 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 Mangalam Organics Limited stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Mangalam Organics Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.

Current score: 1.398 Buy Candidate Upgraded

Predicted Opening Price for Mangalam Organics Limited of Tuesday, June 18, 2024

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