Panchmahal Steel Limited Stock Forecast
Green day on Thursday for Panchmahal Steel Limited stock after gaining 0.556%
(Updated on May 02, 2024)
The Panchmahal Steel Limited stock price gained 0.556% on the last trading day (Thursday, 2nd May 2024), rising from ₹242.70 to ₹244.05. During the last trading day the stock fluctuated 3.73% from a day low at ₹240.00 to a day high of ₹248.95. The price has risen in 8 of the last 10 days and is up by 47.86% over the past 2 weeks. Volume fell on the last day by -2 thousand shares and in total, 5 thousand shares were bought and sold for approximately ₹1.27 million. 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 in the upper part of a very wide and strong rising 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 ₹252.42 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 38.99% during the next 3 months and, with a 90% probability hold a price between ₹236.77 and ₹350.85 at the end of this 3-month period.
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PANCHMAHQ.BO Signals & Forecast
The Panchmahal Steel 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 ₹235.46 and ₹170.92. 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 Wednesday, April 24, 2024, and so far it has fallen -0.83%. 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 Panchmahal Steel Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹225.60 and ₹211.70. 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, Panchmahal Steel Limited finds support just below today's level at ₹225.60. If this is broken, then the next support from accumulated volume will be at ₹211.70 and ₹186.45.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved ₹8.95 between high and low, or 3.73%. For the last week the stock has had daily average volatility of 8.24%.
Our recommended stop-loss: ₹236.36 (-3.15%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (PANCHMAHQ.BO) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Panchmahal Steel Limited to open at ₹244.33, and during the day (based on 14 day Average True Range), to move between ₹228.74 and ₹259.36, which gives a possible trading interval of +/-₹15.31 (+/-6.27%) up or down from last closing price. If Panchmahal Steel Limited takes out the full calculated possible swing range there will be an estimated 12.55% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹245.00 (0.39%) than the support at ₹225.60 (7.56%), 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 Panchmahal Steel Limited 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 Panchmahal Steel Limited stock to perform well in the short-term.
Current score: 2.824 Buy Candidate Unchanged
Predicted Opening Price for Panchmahal Steel Limited of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| ₹244.33 ( 0.116%) | ₹244.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PANCHMAHQ.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 253.28 | 3.78 % | |
| R2 | 249.86 | 2.38 % | ||
| R1 | 247.75 | 1.52 % | ||
| Current price: | 244.05 | |||
| Support | S1 | 240.91 | -1.28 % | |
| S2 | 238.80 | -2.15 % | ||
| S3 | 235.38 | -3.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 246.10 | 0.84 % | ||
| R1 | 245.00 | 0.389 % | ||
| Current price | 244.05 | |||
| Support | S1 | 225.60 | -7.56% | |
| S2 | 211.70 | -13.26% | ||
| S3 | 186.45 | -23.60% |
FAQ
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