Multi Commodity Exchange of India Ltd Stock Forecast

Stronger technical forecast for Multi Commodity Exchange of India Ltd stock price after Friday trading.
(Updated on May 17, 2024)

MCX.BO Signals & Forecast

The Multi Commodity Exchange of India Ltd 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 ₹3,877.47 and ₹3,798.09. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 09, 2024, and so far it has risen 7.60%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Multi Commodity Exchange of India Ltd stock

Multi Commodity Exchange of India Ltd finds support from accumulated volume at ₹3,837.60 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 ₹148.20 between high and low, or 3.79%. For the last week, the stock has had daily average volatility of 2.89%.

Since the Multi Commodity Exchange of India Ltd has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: ₹3,870.20 (-4.14%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 6 days ago.)

Trading Expectations (MCX.BO) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Multi Commodity Exchange of India Limited to open at ₹3,999.48, and during the day (based on 14 day Average True Range), to move between ₹3,895.47 and ₹4,179.23, which gives a possible trading interval of +/-₹141.88 (+/-3.51%) up or down from last closing price. If Multi Commodity Exchange of India Limited takes out the full calculated possible swing range there will be an estimated 7.03% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹4,066.00 (0.71%) than the support at ₹3,837.60 (4.95%), 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 Multi Commodity Exchange of India Limited stock A Buy?

Multi Commodity Exchange of India Ltd holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.184 Strong Buy Candidate Upgraded

Predicted Opening Price for Multi Commodity Exchange of India Limited of Tuesday, May 21, 2024

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