Morepen Laboratories Limited Stock Forecast
Morepen Laboratories Limited stock upgraded to Strong Buy Candidate.
(Updated on Jun 25, 2024)
The Morepen Laboratories Limited stock price gained 3.10% on the last trading day (Tuesday, 25th Jun 2024), rising from ₹55.14 to ₹56.85. During the last trading day the stock fluctuated 6.07% from a day low at ₹56.00 to a day high of ₹59.40. The price has risen in 6 of the last 10 days and is up by 18.31% 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, 11 million more shares were traded than the day before. In total, 19 million shares were bought and sold for approximately ₹1.08 billion.
The stock has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at ₹56.12, a level that may pose a second chance to hit a runner. According to fan-theory ₹67.51 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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MOREPENLAB.NS Signals & Forecast
Mostly positive signals in the chart today. The Morepen Laboratories 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 ₹55.33 and ₹49.08. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 31.14%. 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 Morepen Laboratories Limited stock
Morepen Laboratories Limited finds support from accumulated volume at ₹56.79 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 ₹3.40 between high and low, or 6.07%. For the last week, the stock has had daily average volatility of 4.30%.
The Morepen Laboratories Limited stock is extremely overbought on RSI14 (83). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: ₹54.95 (-3.34%) (This stock has high daily movements and this gives high risk. The RSI14 is 83 and this increases the risk substantially. There is a buy signal from a pivot bottom found 44 days ago.)
Trading Expectations (MOREPENLAB.NS) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Morepen Laboratories Limited to open at ₹57.42, and during the day (based on 14 day Average True Range), to move between ₹54.49 and ₹59.21, which gives a possible trading interval of +/-₹2.36 (+/-4.15%) up or down from last closing price. If Morepen Laboratories Limited takes out the full calculated possible swing range there will be an estimated 8.30% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹56.79, some ₹0.0600 (0.11%) from the current price of ₹56.85, our system finds the risk reward attractive.
Is Morepen Laboratories Limited stock A Buy?
Morepen Laboratories Limited holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape 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: 5.431 Strong Buy Candidate Upgraded
Predicted Opening Price for Morepen Laboratories Limited of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| ₹57.42 ( 1.00%) | ₹56.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MOREPENLAB.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 60.82 | 6.98% |
| R2 | 59.52 | 4.69% |
| R1 | 58.72 | 3.28% |
| Price | 56.85 | |
| S1 | 56.12 | -1.29% |
| S2 | 55.32 | -2.70% |
| S3 | 54.02 | -4.98% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 56.85 | |
| S1 | 56.79 | -0.106% |
| S2 | 56.12 | -1.28% |
| S3 | 52.48 | -7.69% |
MOREPENLAB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 01, 2002 | Sep 18, 2002 | Oct 08, 2002 | ₹0.600 | 1.69% |
| 2 | Jun 16, 2001 | Sep 03, 2001 | Oct 01, 2001 | ₹0.200 | 0.282% |
| 3 | Jan 16, 2001 | Jan 24, 2001 | Mar 01, 2001 | ₹0.500 | 0.309% |
| 4 | Jul 18, 2000 | Aug 18, 2000 | Oct 01, 2000 | ₹0.100 | 0.0617% |
| 5 | Apr 18, 2000 | Apr 28, 2000 | Jun 01, 2000 | ₹0.600 | 0.370% |
FAQ
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