Mehai Technology Limited Stock Forecast
Volatile ride for Mehai Technology Limited stock price on Monday moving between ₹25.70 and ₹30.42
(Updated on May 06, 2024)
The Mehai Technology Limited stock price gained 1.01% on the last trading day (Monday, 6th May 2024), rising from ₹27.66 to ₹27.94. During the last trading day the stock fluctuated 18.37% from a day low at ₹25.70 to a day high of ₹30.42. The price has fallen in 6 of the last 10 days but is still up by 6.68% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 121 thousand more shares were traded than the day before. In total, 148 thousand shares were bought and sold for approximately ₹4.12 million.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at ₹28.99 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -13.62% during the next 3 months and, with a 90% probability hold a price between ₹14.49 and ₹25.04 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
MEHAI.BO Signals & Forecast
The Mehai Technology 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 ₹26.84 and ₹24.02. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 27, 2024, and so far it has risen 49.81%. 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 Mehai Technology Limited stock
Mehai Technology Limited finds support from accumulated volume at ₹27.80 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 a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹4.72 between high and low, or 18.37%. For the last week, the stock has had daily average volatility of 9.90%.
Our recommended stop-loss: ₹26.87 (-3.82%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 23 days ago.)
Trading Expectations (MEHAI.BO) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Mehai Technology Limited to open at ₹28.02, and during the day (based on 14 day Average True Range), to move between ₹25.72 and ₹30.16, which gives a possible trading interval of +/-₹2.22 (+/-7.95%) up or down from last closing price. If Mehai Technology Limited takes out the full calculated possible swing range there will be an estimated 15.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹28.00 (0.21%) than the support at ₹27.80 (0.50%), 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 Mehai Technology Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 2.611 Buy Candidate Unchanged
Predicted Opening Price for Mehai Technology Limited of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| ₹28.02 ( 0.286%) | ₹27.94 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MEHAI.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 32.74 | 17.18 % | |
| R2 | 30.94 | 10.73 % | ||
| R1 | 29.82 | 6.74 % | ||
| Current price: | 27.94 | |||
| Support | S1 | 26.22 | -6.17 % | |
| S2 | 25.10 | -10.15 % | ||
| S3 | 23.30 | -16.61 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 28.59 | 2.33 % | |
| R2 | 28.02 | 0.286 % | ||
| R1 | 28.00 | 0.215 % | ||
| Current price | 27.94 | |||
| Support | S1 | 27.80 | -0.501% | |
| S2 | 26.62 | -4.72% | ||
| S3 | 25.28 | -9.52% |
FAQ
Click here for our free guide on how to buy Mehai Technology Limited Stock.
