Omnitex Industries Stock Forecast
Big movements in Omnitex Industries stock price on Thursday moving 10.53% between high and low
(Updated on May 16, 2024)
The Omnitex Industries stock price gained 3.51% on the last trading day (Thursday, 16th May 2024), rising from ₹171.00 to ₹177.00. During the last trading day the stock fluctuated 10.53% from a day low at ₹162.45 to a day high of ₹179.55. The price has fallen in 4 of the last 10 days and is down by -2.18% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 597 more shares were traded than the day before. In total, 602 shares were bought and sold for approximately ₹106.55 thousand.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 13.95% during the next 3 months and, with a 90% probability hold a price between ₹187.80 and ₹216.60 at the end of this 3-month period.
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OMNITEX.BO Signals & Forecast
The Omnitex Industries stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹178.89. On a fall, the stock will find some support from the long-term average at approximately ₹173.35. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Omnitex Industries has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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, May 06, 2024, and so far it has fallen -3.04%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Omnitex Industries stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹161.25 and ₹158.10. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Omnitex Industries finds support just below today's level at ₹161.25. If this is broken, then the next support from accumulated volume will be at ₹158.10 and ₹155.00.
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 ₹17.10 between high and low, or 10.53%. For the last week, the stock has had daily average volatility of 2.47%.
Our recommended stop-loss: ₹169.19 (-4.41%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (OMNITEX.BO) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect Omnitex Industries to open at ₹173.00, and during the day (based on 14 day Average True Range), to move between ₹168.73 and ₹185.27, which gives a possible trading interval of +/-₹8.27 (+/-4.67%) up or down from last closing price. If Omnitex Industries takes out the full calculated possible swing range there will be an estimated 9.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹180.95 (2.23%) than the support at ₹161.25 (8.90%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Omnitex Industries stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Omnitex Industries 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: 4.796 Buy Candidate Upgraded
Predicted Opening Price for Omnitex Industries of Friday, May 17, 2024
Fair opening price May 17, 2024 | Current price |
---|---|
₹173.00 ( 2.26%) | ₹177.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OMNITEX.BO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 190.10 | 7.40 % | |
R2 | 183.57 | 3.71 % | ||
R1 | 179.53 | 1.43 % | ||
Current price: | 177.00 | |||
Support | S1 | 166.47 | -5.95 % | |
S2 | 162.43 | -8.23 % | ||
S3 | 155.90 | -11.92 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 182.55 | 3.14 % | |
R2 | 181.45 | 2.51 % | ||
R1 | 180.95 | 2.23 % | ||
Current price | 177.00 | |||
Support | S1 | 161.25 | -8.90% | |
S2 | 158.10 | -10.68% | ||
S3 | 155.00 | -12.43% |
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