Orient Tradelink Limited Stock Forecast
Strong day for Orient Tradelink Limited stock price on Wednesday rising 5.33% to ₹9.48
(Updated on May 08, 2024)
The Orient Tradelink Limited stock price gained 5.33% on the last trading day (Wednesday, 8th May 2024), rising from ₹9.00 to ₹9.48. During the last trading day the stock fluctuated 8.89% from a day low at ₹9.00 to a day high of ₹9.80. The price has risen in 7 of the last 10 days and is up by 17.33% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 27 thousand more shares were traded than the day before. In total, 57 thousand shares were bought and sold for approximately ₹541.34 thousand.
The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at ₹9.81 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Orient Tradelink Limited stock with a 90% probability to be traded between ₹7.47 and ₹9.72 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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ORIENTTR.BO Signals & Forecast
The Orient Tradelink 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 ₹9.35 and ₹8.40. 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). Orient Tradelink Limited 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 Thursday, May 02, 2024, and so far it has fallen -3.46%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Orient Tradelink Limited stock
Orient Tradelink Limited finds support from accumulated volume at ₹9.15 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 ₹0.80 between high and low, or 8.89%. For the last week, the stock has had daily average volatility of 10.49%.
Our recommended stop-loss: ₹9.01 (-4.91%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (ORIENTTR.BO) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Orient Tradelink Limited to open at ₹9.43, and during the day (based on 14 day Average True Range), to move between ₹8.71 and ₹10.25, which gives a possible trading interval of +/-₹0.773 (+/-8.15%) up or down from last closing price. If Orient Tradelink Limited takes out the full calculated possible swing range there will be an estimated 16.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹9.15 (3.48%) than the resistance at ₹9.82 (3.59%), 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 Tradelink Limited stock A Buy?
Orient Tradelink 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.
Current score: 0.119 Hold/Accumulate Unchanged
Predicted Opening Price for Orient Tradelink Limited of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| ₹9.43 ( 0.563%) | ₹9.48 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ORIENTTR.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.23 | 7.88 % | |
| R2 | 9.92 | 4.65 % | ||
| R1 | 9.73 | 2.66 % | ||
| Current price: | 9.48 | |||
| Support | S1 | 9.12 | -3.79 % | |
| S2 | 8.93 | -5.78 % | ||
| S3 | 8.63 | -9.00 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 9.82 | 3.59 % | ||
| Current price | 9.48 | |||
| Support | S1 | 9.15 | -3.48% | |
| S2 | 9.04 | -4.64% | ||
| S3 | 8.96 | -5.49% |
FAQ
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