Rama Steel Tubes Limited Stock Forecast
Stronger technical forecast for Rama Steel Tubes Limited stock price after Wednesday trading.
(Updated on Jun 26, 2024)
The Rama Steel Tubes Limited stock price fell by -1.19% on the last day (Wednesday, 26th Jun 2024) from ₹11.75 to ₹11.61. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 2.07% from a day low at ₹11.57 to a day high of ₹11.81. The price has fallen in 7 of the last 10 days and is down by -6.45% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -414 thousand shares and in total, 4 million shares were bought and sold for approximately ₹43.67 million.
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 -14.03% during the next 3 months and, with a 90% probability hold a price between ₹8.90 and ₹10.79 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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RAMASTEEL.NS Signals & Forecast
There are mixed signals in the stock today. The Rama Steel Tubes 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 ₹11.83 and ₹12.11. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 7.00%. 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).
Support, Risk & Stop-loss for Rama Steel Tubes Limited stock
Rama Steel Tubes Limited finds support from accumulated volume at ₹11.05 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 ₹0.240 between high and low, or 2.07%. For the last week, the stock has had daily average volatility of 1.94%.
Our recommended stop-loss: ₹11.17 (-3.76%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 44 days ago.)
Trading Expectations (RAMASTEEL.NS) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Rama Steel Tubes Limited to open at ₹11.66, and during the day (based on 14 day Average True Range), to move between ₹11.18 and ₹12.04, which gives a possible trading interval of +/-₹0.434 (+/-3.74%) 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 7.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹11.05 (4.82%) than the resistance at ₹12.80 (10.25%), 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.401 Hold/Accumulate Upgraded
Predicted Opening Price for Rama Steel Tubes Limited of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| ₹11.66 ( 0.459%) | ₹11.61 |
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 | |
|---|---|---|
| R3 | 11.90 | 2.53% |
| R2 | 11.81 | 1.74% |
| R1 | 11.76 | 1.25% |
| Price | 11.61 | |
| S1 | 11.57 | -0.330% |
| S2 | 11.52 | -0.82% |
| S3 | 11.42 | -1.61% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 14.15 | 21.88% |
| R2 | 13.65 | 17.57% |
| R1 | 12.80 | 10.25% |
| Price | 11.61 | |
| S1 | 11.05 | -4.82% |
| S2 | 10.85 | -6.55% |
| S3 | 0 | - |
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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