POLYMAC THERMOFORMERS LTD Stock Forecast
POLYMAC THERMOFORMERS LTD stock downgraded from Strong Buy Candidate to Buy Candidate after Friday trading session.
(Updated on Jun 14, 2024)
The POLYMAC THERMOFORMERS LTD stock price fell by -0.91% on the last day (Friday, 14th Jun 2024) from ₹42.84 to ₹42.45. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 0.236% from a day low at ₹42.40 to a day high of ₹42.50. The price has been going up and down for this period, and there has been a 2.83% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -31 thousand shares and in total, 10 thousand shares were bought and sold for approximately ₹407.52 thousand.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ₹41.75 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 6.18% during the next 3 months and, with a 90% probability hold a price between ₹44.33 and ₹49.48 at the end of this 3-month period.
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POLYMAC.BO Signals & Forecast
The POLYMAC THERMOFORMERS LTD 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 ₹42.65. On a fall, the stock will find some support from the long-term average at approximately ₹42.28. 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. A buy signal was issued from a pivot bottom point on Friday, May 31, 2024, and so far it has risen 2.83%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for POLYMAC THERMOFORMERS LTD stock
POLYMAC THERMOFORMERS LTD finds support from accumulated volume at ₹41.17 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹0.100 between high and low, or 0.236%. For the last week the stock has had daily average volatility of 2.86%.
Our recommended stop-loss: ₹39.98 (-5.83%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 18 days ago.)
Trading Expectations (POLYMAC.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect POLYMAC THERMOFORMERS LTD to open at ₹42.45, and during the day (based on 14 day Average True Range), to move between ₹41.51 and ₹43.39, which gives a possible trading interval of +/-₹0.94 (+/-2.20%) up or down from last closing price. If POLYMAC THERMOFORMERS LTD takes out the full calculated possible swing range there will be an estimated 4.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹42.55 (0.24%) than the support at ₹41.17 (3.02%), 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 POLYMAC THERMOFORMERS LTD stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for POLYMAC THERMOFORMERS LTD stock to perform well in the short-term. 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 Buy candidate.
Current score: 3.678 Buy Candidate Downgraded
Predicted Opening Price for POLYMAC THERMOFORMERS LTD of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹42.45 ( 0%) | ₹42.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for POLYMAC.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 42.55 | 0.236% |
| R2 | 42.51 | 0.146% |
| R1 | 42.49 | 0.0900% |
| Price | 42.45 | |
| S1 | 42.41 | -0.0900% |
| S2 | 42.39 | -0.146% |
| S3 | 42.35 | -0.236% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 45.76 | 7.80% |
| R2 | 44.60 | 5.06% |
| R1 | 42.55 | 0.236% |
| Price | 42.45 | |
| S1 | 41.17 | -3.02% |
| S2 | 41.12 | -3.13% |
| S3 | 40.36 | -4.92% |
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