Rama Steel Tubes Limited Stock Forecast
Green day on Friday for Rama Steel Tubes Limited stock after gaining 0.391%
(Updated on May 17, 2024)
The Rama Steel Tubes Limited stock price gained 0.391% on the last trading day (Friday, 17th May 2024), rising from ₹12.80 to ₹12.85. It has now gained 4 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 3.52% from a day low at ₹12.80 to a day high of ₹13.25. The price has risen in 5 of the last 10 days but is still down by -1.53% for this period. Volume fell on the last day by -1 million shares and in total, 9 million shares were bought and sold for approximately ₹111.37 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 the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at ₹13.87 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Due to the high volatility and the trend direction we are not able to give forecast range for this stock. 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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RAMASTEEL.NS Signals & Forecast
There are mixed signals in the stock today. The Rama Steel Tubes Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at ₹13.00. On a fall, the stock will find some support from the short-term average at ₹12.46. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 7.08%. Further rise is indicated until a new top pivot has been found. 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 Rama Steel Tubes Limited stock
Rama Steel Tubes Limited finds support from accumulated volume at ₹12.80 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 ₹0.450 between high and low, or 3.52%. For the last week, the stock has had daily average volatility of 3.48%.
Our recommended stop-loss: ₹12.15 (-5.44%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (RAMASTEEL.NS) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Rama Steel Tubes Limited to open at ₹12.97, and during the day (based on 14 day Average True Range), to move between ₹12.13 and ₹13.57, which gives a possible trading interval of +/-₹0.725 (+/-5.64%) up or down from last closing price. If Rama Steel Tubes Limited takes out the full calculated possible swing range there will be an estimated 11.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹12.80 (0.39%) than the resistance at ₹13.65 (6.23%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Rama Steel Tubes Limited stock A Buy?
Rama Steel Tubes Limited 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: -0.606 Hold/Accumulate Unchanged
Predicted Opening Price for Rama Steel Tubes Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| ₹12.97 ( 0.91%) | ₹12.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RAMASTEEL.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.42 | 4.41 % | |
| R2 | 13.24 | 3.07 % | ||
| R1 | 13.14 | 2.25 % | ||
| Current price: | 12.85 | |||
| Support | S1 | 12.79 | -0.430 % | |
| S2 | 12.69 | -1.26 % | ||
| S3 | 12.52 | -2.59 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.25 | 18.68 % | |
| R2 | 14.15 | 10.12 % | ||
| R1 | 13.65 | 6.23 % | ||
| Current price | 12.85 | |||
| Support | S1 | 12.80 | -0.389% | |
| S2 | 12.25 | -4.67% | ||
| S3 | 12.00 | -6.61% |
RAMASTEEL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 24, 2022 | Feb 24, 2022 | Feb 24, 2022 | ₹0.0200 | 0.498% |
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