MOTILAL OSWAL MUTUAL FUND - MO ETF Forecast
Stronger technical forecast for MOTILAL OSWAL MUTUAL FUND - MO ETF price after Friday trading.
(Updated on Jun 28, 2024)
The MOTILAL OSWAL MUTUAL FUND - MO ETF price gained 0.472% on the last trading day (Friday, 28th Jun 2024), rising from ₹59.29 to ₹59.57. During the last trading day the ETF fluctuated 1.49% from a day low at ₹59.00 to a day high of ₹59.88. The price has risen in 7 of the last 10 days and is up by 2.02% 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, 6 thousand more shares were traded than the day before. In total, 47 thousand shares were bought and sold for approximately ₹2.81 million.
The ETF lies in the upper part of a strong rising 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 ₹60.00 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 13.61% during the next 3 months and, with a 90% probability hold a price between ₹64.49 and ₹68.17 at the end of this 3-month period.
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MOM100.BO Signals & Forecast
Mostly positive signals in the chart today. The MOTILAL OSWAL MUTUAL FUND - MO ETF 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 ₹59.33 and ₹56.62. 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 8.61%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for MOTILAL OSWAL MUTUAL FUND - MO ETF
MOTILAL OSWAL MUTUAL FUND - MO finds support from accumulated volume at ₹56.72 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved ₹0.88 between high and low, or 1.49%. For the last week, the ETF has had daily average volatility of 1.48%.
The MOTILAL OSWAL MUTUAL FUND - MO ETF is overbought on RSI14 and the RSI has been falling for the last couple of days. This together with the fact that the ETF is in the upper part of the trend poses a possible good selling opportunity for the short-term trader. However, one should note that some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.
Our recommended stop-loss: ₹56.57 (-5.04%) (This ETF has medium daily movements and this gives medium risk. The RSI14 is 81 and this increases the risk substantially. There is a buy signal from a pivot bottom found 18 days ago.)
Trading Expectations (MOM100.BO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect MOTILAL OSWAL MUTUAL FUND - MO to open at ₹59.48, and during the day (based on 14 day Average True Range), to move between ₹58.52 and ₹60.62, which gives a possible trading interval of +/-₹1.05 (+/-1.76%) up or down from last closing price. If MOTILAL OSWAL MUTUAL FUND - MO takes out the full calculated possible swing range there will be an estimated 3.52% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹56.72, some ₹2.85 (4.78%) from the current price of ₹59.57, our system finds the risk reward attractive.
Is MOTILAL OSWAL MUTUAL FUND - MO ETF A Buy?
MOTILAL OSWAL MUTUAL FUND - MO 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 ETF since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.642 Strong Buy Candidate Upgraded
Predicted Opening Price for MOTILAL OSWAL MUTUAL FUND - MO of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹59.48 ( 0.145%) | ₹59.57 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MOM100.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 60.36 | 1.33% |
| R2 | 60.03 | 0.767% |
| R1 | 59.82 | 0.419% |
| Price | 59.57 | |
| S1 | 59.15 | -0.710% |
| S2 | 58.94 | -1.06% |
| S3 | 58.60 | -1.62% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 59.57 | |
| S1 | 56.72 | -4.78% |
| S2 | 55.86 | -6.23% |
| S3 | 55.57 | -6.71% |
FAQ
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