Poojawestern Metaliks Limited Stock Forecast
Poojawestern Metaliks Limited stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 17, 2024)
The Poojawestern Metaliks Limited stock price gained 1.51% on the last trading day (Friday, 17th May 2024), rising from ₹54.31 to ₹55.13. During the last trading day the stock fluctuated 5.98% from a day low at ₹53.55 to a day high of ₹56.75. The price has risen in 7 of the last 10 days and is up by 5.01% over the past 2 weeks. Volume fell on the last day by -15 thousand shares and in total, 12 thousand shares were bought and sold for approximately ₹680.91 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.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 23.78% during the next 3 months and, with a 90% probability hold a price between ₹56.08 and ₹80.71 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
POOJA.BO Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -10.95%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 also not. The Poojawestern Metaliks 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 ₹54.03 and ₹49.01. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Poojawestern Metaliks Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹50.87 and ₹47.48. 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, Poojawestern Metaliks Limited finds support just below today's level at ₹50.87. If this is broken, then the next support from accumulated volume will be at ₹47.48 and ₹42.04.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved ₹3.20 between high and low, or 5.98%. For the last week the stock has had daily average volatility of 7.91%.
Our recommended stop-loss: ₹51.98 (-5.72%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 36 days ago.)
Trading Expectations (POOJA.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Poojawestern Metaliks Limited to open at ₹55.14, and during the day (based on 14 day Average True Range), to move between ₹51.10 and ₹59.16, which gives a possible trading interval of +/-₹4.03 (+/-7.31%) up or down from last closing price. If Poojawestern Metaliks Limited takes out the full calculated possible swing range there will be an estimated 14.62% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹55.80 (1.22%) than the support at ₹50.87 (7.73%), 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 Poojawestern Metaliks Limited 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 Poojawestern Metaliks Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.346 Buy Candidate Upgraded
Predicted Opening Price for Poojawestern Metaliks Limited of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹55.14 ( 0.0242%) | ₹55.13 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for POOJA.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 58.34 | 5.83 % | |
| R2 | 57.12 | 3.61 % | ||
| R1 | 56.37 | 2.24 % | ||
| Current price: | 55.13 | |||
| Support | S1 | 53.92 | -2.19 % | |
| S2 | 53.17 | -3.56 % | ||
| S3 | 51.94 | -5.78 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 61.91 | 12.30 % | |
| R2 | 60.14 | 9.09 % | ||
| R1 | 55.80 | 1.22 % | ||
| Current price | 55.13 | |||
| Support | S1 | 50.87 | -7.73% | |
| S2 | 47.48 | -13.88% | ||
| S3 | 42.04 | -23.74% |
FAQ
Click here for our free guide on how to buy Poojawestern Metaliks Limited Stock.
