Precision Wires India Ltd. Stock Forecast
Precision Wires India Ltd. stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 17, 2024)
The Precision Wires India Ltd. stock price gained 1.64% on the last trading day (Friday, 17th May 2024), rising from ₹136.85 to ₹139.10. During the last trading day the stock fluctuated 3.26% from a day low at ₹136.50 to a day high of ₹140.95. The price has been going up and down for this period, and there has been a -1% loss for the last 2 weeks. Volume fell on the last day by -5 thousand shares and in total, 15 thousand shares were bought and sold for approximately ₹2.10 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 stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at ₹144.09 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Precision Wires India Ltd. stock with a 90% probability to be traded between ₹115.42 and ₹144.69 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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PRECWIRE.BO Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -3.37%. 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). The Precision Wires India 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 ₹134.69 and ₹132.83. A breakdown below any of these levels will issue sell signals. 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 Precision Wires India Ltd. stock
Precision Wires India Ltd. finds support from accumulated volume at ₹136.90 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 ₹4.45 between high and low, or 3.26%. For the last week, the stock has had daily average volatility of 3.36%.
Our recommended stop-loss: ₹133.60 (-3.95%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (PRECWIRE.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Precision Wires India Ltd. to open at ₹138.85, and during the day (based on 14 day Average True Range), to move between ₹133.58 and ₹144.62, which gives a possible trading interval of +/-₹5.52 (+/-3.97%) up or down from last closing price. If Precision Wires India Ltd. takes out the full calculated possible swing range there will be an estimated 7.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹139.60 (0.36%) than the support at ₹136.90 (1.58%), 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 Precision Wires India Ltd. stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Precision Wires India Ltd. stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.103 Buy Candidate Upgraded
Predicted Opening Price for Precision Wires India Ltd. of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹138.85 ( 0.180%) | ₹139.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PRECWIRE.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 143.30 | 3.02 % | |
| R2 | 141.60 | 1.80 % | ||
| R1 | 140.55 | 1.04 % | ||
| Current price: | 139.10 | |||
| Support | S1 | 137.15 | -1.40 % | |
| S2 | 136.10 | -2.16 % | ||
| S3 | 134.40 | -3.38 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 144.90 | 4.17 % | |
| R2 | 143.95 | 3.49 % | ||
| R1 | 139.60 | 0.359 % | ||
| Current price | 139.10 | |||
| Support | S1 | 136.90 | -1.58% | |
| S2 | 136.50 | -1.87% | ||
| S3 | 134.05 | -3.63% |
FAQ
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