Panchmahal Steel Limited Stock Forecast

Panchmahal Steel Limited stock upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.
(Updated on May 16, 2024)

PANCHMAHQ.BO Signals & Forecast

A sell signal was issued from a pivot top point on Wednesday, May 08, 2024, and so far it has fallen -7.13%. 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). Panchmahal Steel Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". Some positive signals were issued as well, and these may have some influence on the near short-term development. The Panchmahal Steel 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 ₹241.11. On a fall, the stock will find some support from the long-term average at approximately ₹198.19. 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.

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 ₹211.70 and ₹186.45. 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 ₹211.70. If this is broken, then the next support from accumulated volume will be at ₹186.45 and ₹174.15.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ₹17.00 between high and low, or 7.39%. For the last week, the stock has had daily average volatility of 6.24%.

Our recommended stop-loss: ₹220.59 (-4.90%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 6 days ago.)

Trading Expectations (PANCHMAHQ.BO) For The Upcoming Trading Day Of Friday 17th

For the upcoming trading day on Friday, 17th we expect Panchmahal Steel Limited to open at ₹236.32, and during the day (based on 14 day Average True Range), to move between ₹216.11 and ₹247.79, which gives a possible trading interval of +/-₹15.84 (+/-6.83%) up or down from last closing price. If Panchmahal Steel Limited takes out the full calculated possible swing range there will be an estimated 13.65% 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 (5.63%) than the support at ₹211.70 (8.73%), 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 of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 2.808 Buy Candidate Upgraded

Predicted Opening Price for Panchmahal Steel Limited of Friday, May 17, 2024

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