NGL Fine-Chem Limited Stock Forecast
Weaker technical forecast for NGL Fine-Chem Limited as stock downgraded to Sell Candidate.
(Updated on May 09, 2024)
The NGL Fine-Chem Limited stock price fell by -3.01% on the last day (Thursday, 9th May 2024) from ₹2,318.35 to ₹2,248.55. During the last trading day the stock fluctuated 5.32% from a day low at ₹2,217.30 to a day high of ₹2,335.25. The price has fallen in 6 of the last 10 days and is down by -14.21% for this period. Volume has increased on the last day by 1 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, 1 thousand shares were bought and sold for approximately ₹2.87 million.
Given the current short-term trend, the stock is expected to rise 26.32% during the next 3 months and, with a 90% probability hold a price between ₹2,840.41 and ₹3,544.35 at the end of this 3-month period.
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NGLFINE.BO Signals & Forecast
There are few to no technical positive signals at the moment. The NGL Fine-Chem Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ₹2,416.62 and ₹2,292.96. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -17.08%. 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 NGL Fine-Chem Limited stock
NGL Fine-Chem Limited finds support from accumulated volume at ₹2,171.85 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 ₹117.95 between high and low, or 5.32%. For the last week, the stock has had daily average volatility of 5.29%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NGLFINE.BO) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect NGL Fine-Chem Limited to open at ₹2,267.03, and during the day (based on 14 day Average True Range), to move between ₹2,104.62 and ₹2,392.48, which gives a possible trading interval of +/-₹143.93 (+/-6.40%) up or down from last closing price. If NGL Fine-Chem Limited takes out the full calculated possible swing range there will be an estimated 12.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹2,171.85 (3.41%) than the resistance at ₹2,542.60 (13.08%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
NGL Fine-Chem Limited will release earnings BMO on Monday, May 13, 2024. We will update the financials statements for NGL Fine-Chem Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.70% in the first trading day after earnings release.
Is NGL Fine-Chem Limited stock A Buy?
The NGL Fine-Chem Limited stock holds several negative signals and despite the positive trend, we believe NGL Fine-Chem Limited will perform weakly in the next couple of days or weeks. Therefore, we 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: -4.052 Sell Candidate Downgraded
Predicted Opening Price for NGL Fine-Chem Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| ₹2,267.03 ( 0.82%) | ₹2,248.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NGLFINE.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,384.98 | 6.07 % | |
| R2 | 2,339.93 | 4.06 % | ||
| R1 | 2,312.09 | 2.83 % | ||
| Current price: | 2,248.55 | |||
| Support | S1 | 2,221.98 | -1.18 % | |
| S2 | 2,194.14 | -2.42 % | ||
| S3 | 2,149.08 | -4.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,584.35 | 14.93 % | |
| R2 | 2,544.55 | 13.16 % | ||
| R1 | 2,542.60 | 13.08 % | ||
| Current price | 2,248.55 | |||
| Support | S1 | 2,171.85 | -3.41% | |
| S2 | 2,019.00 | -10.21% | ||
| S3 | 1,951.55 | -13.21% |
FAQ
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