Polymechplast Machines Limited Stock Forecast
A very strong day for Polymechplast Machines Limited stock price on Wednesday
(Updated on Apr 24, 2024)
The Polymechplast Machines Limited stock price gained 5.47% on the last trading day (Wednesday, 24th Apr 2024), rising from ₹56.50 to ₹59.59. During the last trading day the stock fluctuated 7.93% from a day low at ₹56.50 to a day high of ₹60.98. The price has risen in 9 of the last 10 days and is up by 24.02% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 40 thousand more shares were traded than the day before. In total, 44 thousand shares were bought and sold for approximately ₹2.63 million.
Given the current short-term trend, the stock is expected to fall -12.31% during the next 3 months and, with a 90% probability hold a price between ₹37.10 and ₹52.25 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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POLYCHMP.BO Signals & Forecast
Mostly positive signals in the chart today. The Polymechplast Machines 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 ₹55.26 and ₹50.22. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 27, 2024, and so far it has risen 33.43%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Polymechplast Machines Limited stock
Polymechplast Machines Limited finds support from accumulated volume at ₹56.73 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 ₹4.48 between high and low, or 7.93%. For the last week, the stock has had daily average volatility of 7.36%.
The Polymechplast Machines Limited 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: ₹57.64 (-3.28%) (This stock has high daily movements and this gives high risk. The RSI14 is 86 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (POLYCHMP.BO) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Polymechplast Machines Limited to open at ₹59.02, and during the day (based on 14 day Average True Range), to move between ₹56.22 and ₹62.96, which gives a possible trading interval of +/-₹3.37 (+/-5.65%) up or down from last closing price. If Polymechplast Machines Limited takes out the full calculated possible swing range there will be an estimated 11.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹59.72 (0.22%) than the support at ₹56.73 (4.80%), 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 Polymechplast Machines Limited stock A Buy?
Polymechplast Machines Limited holds several positive signals and despite the stock being in a falling trend, we considered it to be a good choice at these current levels. We expect Polymechplast Machines Limited stock will perform very well in the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.
Current score: 5.072 Strong Buy Candidate Upgraded
Predicted Opening Price for Polymechplast Machines Limited of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| ₹59.02 ( 0.95%) | ₹59.59 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for POLYCHMP.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 63.50 | 6.57 % | |
| R2 | 61.79 | 3.70 % | ||
| R1 | 60.73 | 1.92 % | ||
| Current price: | 59.59 | |||
| Support | S1 | 57.31 | -3.82 % | |
| S2 | 56.25 | -5.60 % | ||
| S3 | 54.54 | -8.47 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 59.72 | 0.218 % | ||
| Current price | 59.59 | |||
| Support | S1 | 56.73 | -4.80% | |
| S2 | 52.55 | -11.81% | ||
| S3 | 47.99 | -19.47% |
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