The Phoenix Mills Limited Stock Forecast
Stronger technical forecast for The Phoenix Mills Limited stock price after Thursday trading.
(Updated on May 16, 2024)
The The Phoenix Mills Limited stock price gained 1.65% on the last trading day (Thursday, 16th May 2024), rising from ₹2,935.20 to ₹2,983.65. During the last trading day the stock fluctuated 2.67% from a day low at ₹2,939.45 to a day high of ₹3,017.85. The price has fallen in 6 of the last 10 days and is down by -4.77% for this period. Volume fell on the last day by -2 thousand shares and in total, 9 thousand shares were bought and sold for approximately ₹26.75 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 in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 12.56% during the next 3 months and, with a 90% probability hold a price between ₹3,111.42 and ₹3,696.69 at the end of this 3-month period.
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PHOENIXLTD.BO Signals & Forecast
A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -6.35%. 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). Some positive signals were issued as well, and these may have some influence on the near short-term development. The The Phoenix Mills Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹2,931.39 and ₹2,958.39. A breakdown below any of these levels will issue sell signals. 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 The Phoenix Mills Limited stock
The Phoenix Mills Limited finds support from accumulated volume at ₹2,856.95 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 ₹78.40 between high and low, or 2.67%. For the last week, the stock has had daily average volatility of 4.66%.
Our recommended stop-loss: ₹2,854.30 (-4.34%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (PHOENIXLTD.BO) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect The Phoenix Mills Limited to open at ₹2,980.32, and during the day (based on 14 day Average True Range), to move between ₹2,846.45 and ₹3,120.85, which gives a possible trading interval of +/-₹137.20 (+/-4.60%) up or down from last closing price. If The Phoenix Mills Limited takes out the full calculated possible swing range there will be an estimated 9.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹2,856.95 (4.25%) than the resistance at ₹3,120.80 (4.60%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is The Phoenix Mills 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 Sell to a Buy candidate.
Current score: 1.571 Buy Candidate Upgraded
Predicted Opening Price for The Phoenix Mills Limited of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| ₹2,980.32 ( 0.112%) | ₹2,983.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PHOENIXLTD.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,058.72 | 2.52 % | |
| R2 | 3,028.77 | 1.51 % | ||
| R1 | 3,010.27 | 0.89 % | ||
| Current price: | 2,983.65 | |||
| Support | S1 | 2,950.37 | -1.12 % | |
| S2 | 2,931.87 | -1.74 % | ||
| S3 | 2,901.92 | -2.74 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,161.85 | 5.97 % | |
| R2 | 3,157.40 | 5.82 % | ||
| R1 | 3,120.80 | 4.60 % | ||
| Current price | 2,983.65 | |||
| Support | S1 | 2,856.95 | -4.25% | |
| S2 | 2,644.35 | -11.37% | ||
| S3 | 2,591.55 | -13.14% |
FAQ
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