Parker Agrochem Exports Ltd. Stock Forecast

Weaker technical forecast for Parker Agrochem Exports Ltd. as stock downgraded to Hold/Accumulate.
(Updated on May 03, 2024)

PARKERAC.BO Signals & Forecast

There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Friday, April 26, 2024, and so far it has fallen -4.41%. Further fall is indicated until a new bottom pivot has been found. Parker Agrochem Exports Ltd. 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". The very low volume increases the risk and reduces the other technical signals issued. The Parker Agrochem Exports Ltd. 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 ₹26.62. On a fall, the stock will find some support from the long-term average at approximately ₹22.44. 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).

Support, Risk & Stop-loss for Parker Agrochem Exports Ltd. stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹23.53 and ₹22.59. 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, Parker Agrochem Exports Ltd. finds support just below today's level at ₹23.53. If this is broken, then the next support from accumulated volume will be at ₹22.59 and ₹22.28.

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 ₹0 between high and low, or 0%. For the last week, the stock has had daily average volatility of 0.626%.

The Parker Agrochem Exports Ltd. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: ₹25.04 (-3.69%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 86 and this increases the risk substantially. There is a sell signal from a pivot top found 4 days ago.)

Trading Expectations (PARKERAC.BO) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Parker Agrochem Exports Ltd. to open at ₹26.00, and during the day (based on 14 day Average True Range), to move between ₹25.26 and ₹26.74, which gives a possible trading interval of +/-₹0.736 (+/-2.83%) up or down from last closing price. If Parker Agrochem Exports Ltd. takes out the full calculated possible swing range there will be an estimated 5.67% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹26.46 (1.77%) than the support at ₹23.53 (9.50%), 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 Parker Agrochem Exports Ltd. stock A Buy?

Parker Agrochem Exports Ltd. 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: 0.563 Hold/Accumulate Downgraded

Predicted Opening Price for Parker Agrochem Exports Ltd. of Monday, May 6, 2024

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