Polychem Limited Stock Forecast
Weaker technical forecast for Polychem Limited as stock downgraded to Sell Candidate.
(Updated on Apr 23, 2024)
The Polychem Limited stock price gained 0.421% on the last trading day (Tuesday, 23rd Apr 2024), rising from ₹2,613.50 to ₹2,624.50. During the last trading day the stock fluctuated 2.71% from a day low at ₹2,580.05 to a day high of ₹2,650.00. The price has risen in 6 of the last 10 days but is still down by -1.23% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 31 more shares were traded than the day before. In total, 95 shares were bought and sold for approximately ₹249.33 thousand.
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 ₹2,656.95 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 -18.22% during the next 3 months and, with a 90% probability hold a price between ₹1,482.64 and ₹2,172.90 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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POLYCHEM.BO Signals & Forecast
The Polychem 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 ₹2,656.44. On a fall, the stock will find some support from the long-term average at approximately ₹2,522.04. 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). Polychem 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. Higher liquidity also reduces the general risk. 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, April 05, 2024, and so far it has fallen -4.58%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Polychem Limited stock
Polychem Limited finds support from accumulated volume at ₹2,610.50 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 ₹69.95 between high and low, or 2.71%. For the last week, the stock has had daily average volatility of 4.12%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (POLYCHEM.BO) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Polychem Limited to open at ₹2,618.18, and during the day (based on 14 day Average True Range), to move between ₹2,483.84 and ₹2,765.16, which gives a possible trading interval of +/-₹140.66 (+/-5.36%) up or down from last closing price. If Polychem Limited takes out the full calculated possible swing range there will be an estimated 10.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹2,610.50 (0.53%) than the resistance at ₹2,902.55 (10.59%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Polychem Limited stock A Buy?
Polychem Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.362 Sell Candidate Downgraded
Predicted Opening Price for Polychem Limited of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| ₹2,618.18 ( 0.241%) | ₹2,624.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for POLYCHEM.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,688.13 | 2.42 % | |
| R2 | 2,661.41 | 1.41 % | ||
| R1 | 2,644.90 | 0.777 % | ||
| Current price: | 2,624.50 | |||
| Support | S1 | 2,591.46 | -1.26 % | |
| S2 | 2,574.95 | -1.89 % | ||
| S3 | 2,548.23 | -2.91 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,064.00 | 16.75 % | |
| R2 | 2,996.65 | 14.18 % | ||
| R1 | 2,902.55 | 10.59 % | ||
| Current price | 2,624.50 | |||
| Support | S1 | 2,610.50 | -0.533% | |
| S2 | 2,380.25 | -9.31% | ||
| S3 | 2,142.25 | -18.37% |
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