Ray Sigorta A.S. Stock Forecast
Green day on Wednesday for Ray Sigorta A.S. stock after gaining 0.706%
(Updated on Jun 05, 2024)
The Ray Sigorta A.S. stock price gained 0.706% on the last trading day (Wednesday, 5th Jun 2024), rising from TRY 566.50 to TRY 570.50. 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 3.60% from a day low at TRY 555.00 to a day high of TRY 575.00. The price has risen in 6 of the last 10 days and is up by 7.44% over the past 2 weeks. Volume fell on the last day by -56 thousand shares and in total, 108 thousand shares were bought and sold for approximately TRY 61.80 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 in the upper part of a wide and strong rising 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 TRY 580.83 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 52.52% during the next 3 months and, with a 90% probability hold a price between TRY 781.89 and TRY 885.86 at the end of this 3-month period.
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RAYSG.IS Signals & Forecast
The Ray Sigorta A.S. 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 TRY 537.50 and TRY 499.60. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 30.85%. 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). 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 Ray Sigorta A.S. stock
On the downside, the stock finds support just below today's level from accumulated volume at TRY 478.00 and TRY 447.75. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Ray Sigorta A.S. finds support just below today's level at TRY 478.00. If this is broken, then the next support from accumulated volume will be at TRY 447.75 and TRY 436.00.
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 TRY 20.00 between high and low, or 3.60%. For the last week, the stock has had daily average volatility of 5.70%.
The Ray Sigorta A.S. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: TRY 553.61 (-2.96%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 25 days ago.)
Trading Expectations (RAYSG.IS) For The Upcoming Trading Day Of Thursday 6th
For the upcoming trading day on Thursday, 6th we expect Ray Sigorta A.S. to open at TRY 566.83, and during the day (based on 14 day Average True Range), to move between TRY 547.19 and TRY 593.81, which gives a possible trading interval of +/-TRY 23.31 (+/-4.09%) up or down from last closing price. If Ray Sigorta A.S. takes out the full calculated possible swing range there will be an estimated 8.17% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ TRY 478.00, some TRY 92.50 (16.21%) from the current price of TRY 570.50, our system finds the risk reward attractive.
Is Ray Sigorta A.S. stock A Buy?
Ray Sigorta A.S. 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: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Ray Sigorta A.S. of Thursday, June 6, 2024
| Fair opening price June 6, 2024 | Current price |
|---|---|
| TRY 566.83 ( 0.643%) | TRY 570.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RAYSG.IS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 586.83 | 2.86% |
| R2 | 579.19 | 1.52% |
| R1 | 574.47 | 0.696% |
| Price | 570.50 | |
| S1 | 559.19 | -1.98% |
| S2 | 554.47 | -2.81% |
| S3 | 546.83 | -4.15% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 570.50 | |
| S1 | 478.00 | -16.21% |
| S2 | 447.75 | -21.52% |
| S3 | 436.00 | -23.58% |
FAQ
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