Petronet LNG Limited Stock Forecast

Petronet LNG Limited stock downgraded to Hold/Accumulate
(Updated on May 02, 2024)

PETRONET.BO Signals & Forecast

The Petronet LNG 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 ₹306.04 and ₹283.38. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 21, 2024, and so far it has risen 23.92%. Further rise is indicated until a new top pivot has been found. 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.

Support, Risk & Stop-loss for Petronet LNG Limited stock

Petronet LNG Limited finds support from accumulated volume at ₹305.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹16.50 between high and low, or 5.39%. For the last week, the stock has had daily average volatility of 3.30%.

The Petronet LNG Limited stock is extremely overbought on RSI14 (77). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: ₹310.93 (-3.05%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 24 days ago.)

Trading Expectations (PETRONET.BO) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Petronet LNG Limited to open at ₹316.40, and during the day (based on 14 day Average True Range), to move between ₹309.95 and ₹331.45, which gives a possible trading interval of +/-₹10.75 (+/-3.35%) up or down from last closing price. If Petronet LNG Limited takes out the full calculated possible swing range there will be an estimated 6.71% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹305.50, some ₹15.20 (4.74%) from the current price of ₹320.70, our system finds the risk reward attractive.

Is Petronet LNG Limited stock A Buy?

Petronet LNG Limited 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 Strong Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Petronet LNG Limited of Friday, May 3, 2024

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