Pradeep Metals Limited Stock Forecast
Evaluation of Pradeep Metals Limited stock downgraded after the last trading session.
(Updated on May 31, 2024)
The Pradeep Metals Limited stock price gained 1.01% on the last trading day (Friday, 31st May 2024), rising from ₹228.35 to ₹230.65. During the last trading day the stock fluctuated 1.92% from a day low at ₹226.65 to a day high of ₹231.00. The price has fallen in 8 of the last 10 days and is down by -10.2% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 thousand more shares were traded than the day before. In total, 4 thousand shares were bought and sold for approximately ₹936.90 thousand.
The stock lies in the lower part of a very 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 ₹218.44 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 7.68% during the next 3 months and, with a 90% probability hold a price between ₹235.21 and ₹310.01 at the end of this 3-month period.
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PRADPME.BO Signals & Forecast
Pradeep Metals Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Pradeep Metals Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹233.09 and ₹246.60. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen -17.03%. 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).
Support, Risk & Stop-loss for Pradeep Metals Limited stock
Pradeep Metals Limited finds support from accumulated volume at ₹228.55 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹4.35 between high and low, or 1.92%. For the last week, the stock has had daily average volatility of 4.31%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PRADPME.BO) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Pradeep Metals Limited to open at ₹229.43, and during the day (based on 14 day Average True Range), to move between ₹218.30 and ₹243.00, which gives a possible trading interval of +/-₹12.35 (+/-5.36%) up or down from last closing price. If Pradeep Metals Limited takes out the full calculated possible swing range there will be an estimated 10.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹228.55 (0.91%) than the resistance at ₹247.00 (7.09%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Pradeep Metals Limited stock A Buy?
The Pradeep Metals Limited stock holds several negative signals and despite the positive trend, we believe Pradeep Metals Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.525 Sell Candidate Downgraded
Predicted Opening Price for Pradeep Metals Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| ₹229.43 ( 0.527%) | ₹230.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PRADPME.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 233.78 | 1.36 % | |
| R2 | 232.12 | 0.638 % | ||
| R1 | 231.10 | 0.193 % | ||
| Current price: | 230.65 | |||
| Support | S1 | 227.77 | -1.25 % | |
| S2 | 226.75 | -1.69 % | ||
| S3 | 225.08 | -2.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 278.00 | 20.53 % | |
| R2 | 264.75 | 14.78 % | ||
| R1 | 247.00 | 7.09 % | ||
| Current price | 230.65 | |||
| Support | S1 | 228.55 | -0.91% | |
| S2 | 225.65 | -2.17% | ||
| S3 | 216.60 | -6.09% |
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