Prakash Woollen & Synthetic Mills Ltd Stock Forecast
Prakash Woollen & Synthetic Mills Ltd stock price up 1.74% on Tuesday
(Updated on Jun 25, 2024)
The Prakash Woollen & Synthetic Mills Ltd stock price gained 1.74% on the last trading day (Tuesday, 25th Jun 2024), rising from ₹35.73 to ₹36.35. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 7.88% from a day low at ₹35.13 to a day high of ₹37.90. The price has risen in 7 of the last 10 days and is up by 5.09% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 498 more shares were traded than the day before. In total, 3 thousand shares were bought and sold for approximately ₹109.52 thousand.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -5.77% during the next 3 months and, with a 90% probability hold a price between ₹31.43 and ₹35.06 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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PWASML.BO Signals & Forecast
The Prakash Woollen & Synthetic Mills 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 ₹35.64 and ₹35.59. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, June 06, 2024, and so far it has risen 5.82%. 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). Prakash Woollen & Synthetic Mills Ltd 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.
Support, Risk & Stop-loss for Prakash Woollen & Synthetic Mills Ltd stock
Prakash Woollen & Synthetic Mills Ltd finds support from accumulated volume at ₹36.00 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 ₹2.77 between high and low, or 7.88%. For the last week the stock has had daily average volatility of 5.13%.
Our recommended stop-loss: ₹34.92 (-3.94%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 36 days ago.)
Trading Expectations (PWASML.BO) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Prakash Woollen & Synthetic Mills Limited to open at ₹36.46, and during the day (based on 14 day Average True Range), to move between ₹34.04 and ₹38.66, which gives a possible trading interval of +/-₹2.31 (+/-6.35%) up or down from last closing price. If Prakash Woollen & Synthetic Mills Limited takes out the full calculated possible swing range there will be an estimated 12.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹36.00 (0.96%) than the resistance at ₹38.00 (4.54%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Prakash Woollen & Synthetic Mills Limited stock A Buy?
Prakash Woollen & Synthetic Mills Ltd holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.963 Hold/Accumulate Unchanged
Predicted Opening Price for Prakash Woollen & Synthetic Mills Limited of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| ₹36.46 ( 0.303%) | ₹36.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PWASML.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 39.23 | 7.92% |
| R2 | 38.17 | 5.01% |
| R1 | 37.52 | 3.21% |
| Price | 36.35 | |
| S1 | 35.40 | -2.61% |
| S2 | 34.75 | -4.41% |
| S3 | 33.69 | -7.32% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 38.62 | 6.24% |
| R2 | 38.38 | 5.58% |
| R1 | 38.00 | 4.54% |
| Price | 36.35 | |
| S1 | 36.00 | -0.96% |
| S2 | 35.60 | -2.06% |
| S3 | 34.81 | -4.24% |
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