Pasari Spinning Mills Limited Stock Forecast

Green day on Thursday for Pasari Spinning Mills Limited stock after gaining 0.379%
(Updated on May 16, 2024)

PASARI.BO Signals & Forecast

The Pasari Spinning Mills 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 ₹8.15. On a fall, the stock will find some support from the long-term average at approximately ₹7.85. 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. Pasari Spinning Mills 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. The very low volume increases the risk and reduces the other technical signals issued. 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 Friday, May 10, 2024, and so far it has fallen -4.91%. 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).

Support, Risk & Stop-loss for Pasari Spinning Mills Limited stock

Pasari Spinning Mills Limited finds support from accumulated volume at ₹7.58 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹0.560 (7.08%) between high and low. For the last week, the stock has had daily average volatility of 10.31%.

Our recommended stop-loss: ₹7.49 (-5.65%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 4 days ago.)

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

For the upcoming trading day on Friday, 17th we expect Pasari Spinning Mills Limited to open at ₹8.11, and during the day (based on 14 day Average True Range), to move between ₹7.16 and ₹8.72, which gives a possible trading interval of +/-₹0.780 (+/-9.82%) up or down from last closing price. If Pasari Spinning Mills Limited takes out the full calculated possible swing range there will be an estimated 19.65% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹7.98 (0.50%) than the support at ₹7.58 (4.53%), 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 Pasari Spinning Mills 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 Pasari Spinning Mills Limited stock to perform well in the short-term.

Current score: 2.162 Buy Candidate Unchanged

Predicted Opening Price for Pasari Spinning Mills Limited of Friday, May 17, 2024

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