Mysore Petro Chemicals Limited Stock Forecast
Mysore Petro Chemicals Limited stock upgraded to Buy Candidate.
(Updated on Jun 28, 2024)
The Mysore Petro Chemicals Limited stock price gained 0.0860% on the last trading day (Friday, 28th Jun 2024), rising from ₹174.50 to ₹174.65. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.74% from a day low at ₹171.40 to a day high of ₹176.10. The price has risen in 8 of the last 10 days and is up by 4.46% over the past 2 weeks. Volume fell on the last day by -2 thousand shares and in total, 1 thousand shares were bought and sold for approximately ₹238.75 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 ₹176.09 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 -6.99% during the next 3 months and, with a 90% probability hold a price between ₹140.79 and ₹163.78 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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MYSORPETRO.BO Signals & Forecast
The Mysore Petro Chemicals 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 ₹173.73 and ₹171.48. 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 Monday, June 24, 2024, and so far it has fallen -1.33%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Mysore Petro Chemicals Limited stock
Mysore Petro Chemicals Limited finds support from accumulated volume at ₹170.00 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹4.70 between high and low, or 2.74%. For the last week the stock has had daily average volatility of 4.61%.
Our recommended stop-loss: ₹168.96 (-3.26%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 17 days ago.)
Trading Expectations (MYSORPETRO.BO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Mysore Petro Chemicals Limited to open at ₹174.05, and during the day (based on 14 day Average True Range), to move between ₹166.57 and ₹182.73, which gives a possible trading interval of +/-₹8.08 (+/-4.63%) up or down from last closing price. If Mysore Petro Chemicals Limited takes out the full calculated possible swing range there will be an estimated 9.26% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹170.00 (2.66%) than the resistance at ₹182.25 (4.35%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Mysore Petro Chemicals 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.578 Buy Candidate Upgraded
Predicted Opening Price for Mysore Petro Chemicals Limited of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹174.05 ( 0.344%) | ₹174.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MYSORPETRO.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 178.75 | 2.35% |
| R2 | 176.95 | 1.32% |
| R1 | 175.85 | 0.684% |
| Price | 174.65 | |
| S1 | 172.25 | -1.37% |
| S2 | 171.15 | -2.01% |
| S3 | 169.35 | -3.03% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 184.80 | 5.81% |
| R2 | 183.85 | 5.27% |
| R1 | 182.25 | 4.35% |
| Price | 174.65 | |
| S1 | 170.00 | -2.66% |
| S2 | 169.80 | -2.78% |
| S3 | 155.25 | -11.11% |
MYSORPETRO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 29, 2023 | Aug 29, 2023 | Sep 12, 2023 | ₹2.50 | 1.57% |
| 2 | Sep 19, 2022 | Sep 19, 2022 | Oct 27, 2022 | ₹2.50 | 2.10% |
| 3 | Jul 28, 2021 | Jul 28, 2021 | Sep 04, 2021 | ₹2.00 | 1.92% |
| 4 | Sep 21, 2020 | Sep 21, 2020 | Oct 29, 2020 | ₹2.00 | 3.92% |
| 5 | Aug 21, 2019 | Aug 21, 2019 | Sep 28, 2019 | ₹2.00 | 3.61% |
FAQ
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