MFL India Limited Stock Forecast
MFL India Limited stock downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on Jun 14, 2024)
The MFL India Limited stock price fell by -1.33% on the last day (Friday, 14th Jun 2024) from ₹0.750 to ₹0.740. During the last trading day the stock fluctuated 9.72% from a day low at ₹0.720 to a day high of ₹0.790. The price has fallen in 6 of the last 10 days and is down by -1.33% for this period. Volume has increased on the last day by 1 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 5 million shares were bought and sold for approximately ₹3.60 million.
The stock lies the upper part of a 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 ₹0.749 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 -6.07% during the next 3 months and, with a 90% probability hold a price between ₹0.618 and ₹0.704 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.
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MFLINDIA.BO Signals & Forecast
The MFL India 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 ₹0.703 and ₹0.705. 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). 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 Thursday, June 13, 2024, and so far it has fallen -1.33%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
A buy signal from a double bottom formation was found on Thursday, June 06, 2024 and based on theory for this formation the price should go up by 8.71% to ₹0.80 within 9 trading days since signal was issued (Tuesday, June 18, 2024).
Support, Risk & Stop-loss for MFL India Limited stock
MFL India Limited finds support from accumulated volume at ₹0.720 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 ₹0.0700 between high and low, or 9.72%. For the last week, the stock has had daily average volatility of 5.15%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MFLINDIA.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect MFL India Limited to open at ₹0.750, and during the day (based on 14 day Average True Range), to move between ₹0.709 and ₹0.771, which gives a possible trading interval of +/-₹0.0314 (+/-4.24%) up or down from last closing price. If MFL India Limited takes out the full calculated possible swing range there will be an estimated 8.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹0.750 (1.35%) than the support at ₹0.720 (2.70%), 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 MFL India Limited stock A Buy?
MFL India Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.437 Sell Candidate Downgraded
Predicted Opening Price for MFL India Limited of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹0.750 ( 1.35%) | ₹0.740 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MFLINDIA.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.82 | 10.81% |
| R2 | 0.793 | 7.20% |
| R1 | 0.777 | 4.96% |
| Price | 0.740 | |
| S1 | 0.723 | -2.26% |
| S2 | 0.707 | -4.49% |
| S3 | 0.680 | -8.11% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.770 | 4.05% |
| R2 | 0.760 | 2.70% |
| R1 | 0.750 | 1.35% |
| Price | 0.740 | |
| S1 | 0.720 | -2.70% |
| S2 | 0.710 | -4.05% |
| S3 | 0.700 | -5.41% |
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