POLYMAC THERMOFORMERS LTD Stock Forecast
POLYMAC THERMOFORMERS LTD stock upgraded from Sell Candidate to Strong Buy Candidate after Friday trading session.
(Updated on Jun 21, 2024)
The POLYMAC THERMOFORMERS LTD stock price gained 0.688% on the last trading day (Friday, 21st Jun 2024), rising from ₹42.16 to ₹42.45. During the last trading day the stock fluctuated 2.41% from a day low at ₹41.50 to a day high of ₹42.50. The price has fallen in 6 of the last 10 days but is still up by 0.31% over the past 2 weeks. Volume fell on the last day by -6 thousand shares and in total, 50 thousand shares were bought and sold for approximately ₹2.14 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 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 ₹41.85 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 5.27% during the next 3 months and, with a 90% probability hold a price between ₹44.06 and ₹49.12 at the end of this 3-month period.
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POLYMAC.BO Signals & Forecast
Mostly positive signals in the chart today. 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 ₹42.55. On a fall, the stock will find some support from the long-term average at approximately ₹42.45. 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. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 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.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹1.00 between high and low, or 2.41%. For the last week the stock has had daily average volatility of 1.58%.
Our recommended stop-loss: ₹40.29 (-5.09%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (POLYMAC.BO) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect POLYMAC THERMOFORMERS LTD to open at ₹42.15, and during the day (based on 14 day Average True Range), to move between ₹41.53 and ₹43.37, which gives a possible trading interval of +/-₹0.92 (+/-2.16%) up or down from last closing price. If POLYMAC THERMOFORMERS LTD takes out the full calculated possible swing range there will be an estimated 4.33% 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?
POLYMAC THERMOFORMERS LTD holds several positive signals and is within a weak 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Buy candidate.
Current score: 6.562 Strong Buy Candidate Upgraded
Predicted Opening Price for POLYMAC THERMOFORMERS LTD of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| ₹42.15 ( 0.707%) | ₹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 | 43.15 | 1.65% |
| R2 | 42.77 | 0.749% |
| R1 | 42.53 | 0.193% |
| Price | 42.45 | |
| S1 | 41.77 | -1.61% |
| S2 | 41.53 | -2.16% |
| S3 | 41.15 | -3.06% |
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 | 40.85 | -3.77% |
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