Orient Cement Limited Stock Forecast

Evaluation of Orient Cement Limited stock downgraded after the last trading session.
(Updated on May 01, 2024)

ORIENTCEM.NS Signals & Forecast

The Orient Cement Limited 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 ₹222.26. On a fall, the stock will find some support from the long-term average at approximately ₹210.28. 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. A buy signal was issued from a pivot bottom point on Monday, April 29, 2024, and so far it has risen 0.751%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Thursday, April 18, 2024 and based on theory for this formation the price should go up by 7.08% to ₹237.08 within 18 trading days since signal was issued (Thursday, May 02, 2024).

Support, Risk & Stop-loss for Orient Cement Limited stock

Orient Cement Limited finds support from accumulated volume at ₹220.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved ₹0 between high and low, or 0%. For the last week the stock has had daily average volatility of 5.91%

Our recommended stop-loss: ₹208.89 (-5.65%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)

Trading Expectations (ORIENTCEM.NS) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect Orient Cement Limited to open at ₹221.40, and during the day (based on 14 day Average True Range), to move between ₹210.85 and ₹231.95, which gives a possible trading interval of +/-₹10.55 (+/-4.77%) up or down from last closing price. If Orient Cement Limited takes out the full calculated possible swing range there will be an estimated 9.53% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹220.90 (0.23%) than the resistance at ₹229.45 (3.64%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Orient Cement Limited stock A Buy?

Orient Cement Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.691 Hold/Accumulate Downgraded

Predicted Opening Price for Orient Cement Limited of Thursday, May 2, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.