POLYCON INTERNATIONAL LTD. Stock Forecast
POLYCON INTERNATIONAL LTD. stock price up 4.96% on Friday
(Updated on Jun 28, 2024)
The POLYCON INTERNATIONAL LTD. stock price gained 4.96% on the last trading day (Friday, 28th Jun 2024), rising from ₹19.34 to ₹20.30. It has now gained 9 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 0% from a day low at ₹20.30 to a day high of ₹20.30. The price has risen in 9 of the last 10 days and is up by 54.02% over the past 2 weeks. Volume fell on the last day by -82 shares and in total, 183 shares were bought and sold for approximately ₹3.71 thousand. 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.
Given the current short-term trend, the stock is expected to rise 18.93% during the next 3 months and, with a 90% probability hold a price between ₹15.96 and ₹24.14 at the end of this 3-month period.
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POLYCON.BO Signals & Forecast
The POLYCON INTERNATIONAL LTD. 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 ₹17.66 and ₹14.20. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, May 21, 2024, and so far it has risen 76.52%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for POLYCON INTERNATIONAL LTD. stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹18.42 and ₹17.59. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, POLYCON INTERNATIONAL LTD. finds support just below today's level at ₹18.42. If this is broken, then the next support from accumulated volume will be at ₹17.59 and ₹15.99.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved ₹0 between high and low, or 0%. For the last week the stock has had daily average volatility of 1.25%.
The POLYCON INTERNATIONAL LTD. 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. Since the POLYCON INTERNATIONAL LTD. has been rising for 9 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: ₹19.71 (-2.92%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 79 and this increases the risk substantially. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (POLYCON.BO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect POLYCON INTERNATIONAL LTD. to open at ₹20.30, and during the day (based on 14 day Average True Range), to move between ₹19.56 and ₹21.04, which gives a possible trading interval of +/-₹0.738 (+/-3.64%) up or down from last closing price. If POLYCON INTERNATIONAL LTD. takes out the full calculated possible swing range there will be an estimated 7.27% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹18.42, some ₹1.88 (9.26%) from the current price of ₹20.30, our system finds the risk reward attractive.
Is POLYCON INTERNATIONAL LTD. stock A Buy?
POLYCON INTERNATIONAL LTD. holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 6.063 Strong Buy Candidate Unchanged
Predicted Opening Price for POLYCON INTERNATIONAL LTD. of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹20.30 ( 0%) | ₹20.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for POLYCON.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 20.30 | - |
| R2 | 20.30 | - |
| R1 | 20.30 | - |
| Price | 20.30 | |
| S1 | 20.30 | - |
| S2 | 20.30 | - |
| S3 | 20.30 | - |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 20.30 | |
| S1 | 18.42 | -9.26% |
| S2 | 17.59 | -13.35% |
| S3 | 15.99 | -21.23% |
FAQ
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