Mangalore Refinery and Petrochemicals Stock Forecast
Red day on Friday for Mangalore Refinery and Petrochemicals stock after losing 1.84%
(Updated on May 10, 2024)
The Mangalore Refinery and Petrochemicals stock price fell by -1.84% on the last day (Friday, 10th May 2024) from ₹214.45 to ₹210.50. During the last trading day the stock fluctuated 5.42% from a day low at ₹207.50 to a day high of ₹218.75. The price has fallen in 6 of the last 10 days and is down by -15.78% for this period. Volume has increased on the last day by 214 thousand 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, 402 thousand shares were bought and sold for approximately ₹84.60 million.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Mangalore Refinery and Petrochemicals stock with a 90% probability to be traded between ₹191.10 and ₹290.52 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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MRPL.BO Signals & Forecast
There are few to no technical positive signals at the moment. The Mangalore Refinery and Petrochemicals stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹228.04 and ₹229.11. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 02, 2024, and so far it has fallen -17.11%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Mangalore Refinery and Petrochemicals stock
Mangalore Refinery and Petrochemicals finds support from accumulated volume at ₹204.20 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 ₹11.25 between high and low, or 5.42%. For the last week, the stock has had daily average volatility of 7.39%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MRPL.BO) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Mangalore Refinery and Petrochemicals Limited to open at ₹212.25, and during the day (based on 14 day Average True Range), to move between ₹196.83 and ₹224.17, which gives a possible trading interval of +/-₹13.67 (+/-6.49%) up or down from last closing price. If Mangalore Refinery and Petrochemicals Limited takes out the full calculated possible swing range there will be an estimated 12.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹204.20 (2.99%) than the resistance at ₹241.05 (14.51%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Mangalore Refinery and Petrochemicals Limited stock A Buy?
Mangalore Refinery and Petrochemicals holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -2.901 Sell Candidate Unchanged
Predicted Opening Price for Mangalore Refinery and Petrochemicals Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| ₹212.25 ( 0.83%) | ₹210.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MRPL.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 223.50 | 6.18 % | |
| R2 | 219.20 | 4.13 % | ||
| R1 | 216.55 | 2.87 % | ||
| Current price: | 210.50 | |||
| Support | S1 | 207.95 | -1.21 % | |
| S2 | 205.30 | -2.47 % | ||
| S3 | 201.00 | -4.51 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 248.55 | 18.08 % | |
| R2 | 244.85 | 16.32 % | ||
| R1 | 241.05 | 14.51 % | ||
| Current price | 210.50 | |||
| Support | S1 | 204.20 | -2.99% | |
| S2 | 189.00 | -10.21% | ||
| S3 | 184.90 | -12.16% |
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