Penguen Gida Sanayi A.S. Stock Forecast
Penguen Gida Sanayi A.S. stock price up 0.709% on Tuesday
(Updated on Apr 30, 2024)
The Penguen Gida Sanayi A.S. stock price gained 0.709% on the last trading day (Tuesday, 30th Apr 2024), rising from TRY 8.46 to TRY 8.52. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.47% from a day low at TRY 8.36 to a day high of TRY 8.65. The price has risen in 7 of the last 10 days and is up by 22.41% over the past 2 weeks. Volume fell on the last day by -1 million shares and in total, 6 million shares were bought and sold for approximately TRY 49.44 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 the upper part of a very wide and falling 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 TRY 8.71 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -2.10% during the next 3 months and, with a 90% probability hold a price between TRY 6.13 and TRY 8.53 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
PENGD.IS Signals & Forecast
The Penguen Gida Sanayi A.S. 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 TRY 8.35 and TRY 7.22. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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 -2.29%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Penguen Gida Sanayi A.S. stock
Penguen Gida Sanayi A.S. finds support from accumulated volume at TRY 8.19 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 TRY 0.290 between high and low, or 3.47%. For the last week, the stock has had daily average volatility of 6.13%.
The Penguen Gida Sanayi A.S. 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: TRY 8.20 (-3.71%) (This stock has high daily movements and this gives high risk. The RSI14 is 76 and this increases the risk substantially. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (PENGD.IS) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Penguen Gida Sanayi A.S. to open at TRY 8.51, and during the day (based on 14 day Average True Range), to move between TRY 8.09 and TRY 8.95, which gives a possible trading interval of +/-TRY 0.435 (+/-5.10%) up or down from last closing price. If Penguen Gida Sanayi A.S. takes out the full calculated possible swing range there will be an estimated 10.21% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at TRY 8.72 (2.35%) than the support at TRY 8.19 (3.87%), 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 Penguen Gida Sanayi A.S. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 1.038 Buy Candidate Unchanged
Predicted Opening Price for Penguen Gida Sanayi A.S. of Thursday, May 2, 2024
Fair opening price May 2, 2024 | Current price |
---|---|
TRY 8.51 ( 0.117%) | TRY 8.52 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PENGD.IS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.80 | 3.29 % | |
R2 | 8.69 | 1.99 % | ||
R1 | 8.62 | 1.18 % | ||
Current price: | 8.52 | |||
Support | S1 | 8.40 | -1.42 % | |
S2 | 8.33 | -2.22 % | ||
S3 | 8.22 | -3.52 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 8.72 | 2.35 % | ||
Current price | 8.52 | |||
Support | S1 | 8.19 | -3.87% | |
S2 | 7.95 | -6.69% | ||
S3 | 7.86 | -7.75% |
FAQ
Click here for our free guide on how to buy Penguen Gida Sanayi A.S. Stock.