Relicab Cable Manufacturing Limited Stock Forecast
Relicab Cable Manufacturing Limited stock upgraded from Sell Candidate to Buy Candidate after Thursday trading session.
(Updated on May 09, 2024)
The Relicab Cable Manufacturing Limited stock price gained 1.72% on the last trading day (Thursday, 9th May 2024), rising from ₹99.00 to ₹100.70. During the last trading day the stock fluctuated 8.28% from a day low at ₹96.00 to a day high of ₹103.95. The price has risen in 6 of the last 10 days and is up by 10.66% 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, 2 thousand more shares were traded than the day before. In total, 2 thousand shares were bought and sold for approximately ₹225.97 thousand.
The stock lies the upper part of a 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 ₹102.21 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -3.80% during the next 3 months and, with a 90% probability hold a price between ₹84.51 and ₹98.33 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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RELICAB.BO Signals & Forecast
The Relicab Cable Manufacturing Limited 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 ₹100.54 and ₹93.69. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Relicab Cable Manufacturing Limited 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 03, 2024, and so far it has fallen -1.76%. Further fall is indicated until a new bottom pivot has been found.
A buy signal from a double bottom formation was found on Tuesday, March 12, 2024 and based on theory for this formation the price should go up by 8.96% to ₹109.72 within 7 trading days since signal was issued (Friday, May 10, 2024).
Support, Risk & Stop-loss for Relicab Cable Manufacturing Limited stock
Relicab Cable Manufacturing Limited finds support from accumulated volume at ₹100.25 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 ₹7.95 between high and low, or 8.28%. For the last week, the stock has had daily average volatility of 5.75%.
Our recommended stop-loss: ₹96.51 (-4.16%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (RELICAB.BO) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Relicab Cable Manufacturing Limited to open at ₹100.22, and during the day (based on 14 day Average True Range), to move between ₹96.22 and ₹105.18, which gives a possible trading interval of +/-₹4.48 (+/-4.45%) up or down from last closing price. If Relicab Cable Manufacturing Limited takes out the full calculated possible swing range there will be an estimated 8.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹100.25 (0.45%) than the resistance at ₹101.65 (0.94%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Relicab Cable Manufacturing Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.109 Buy Candidate Upgraded
Predicted Opening Price for Relicab Cable Manufacturing Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| ₹100.22 ( 0.480%) | ₹100.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RELICAB.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 108.17 | 7.41 % | |
| R2 | 105.13 | 4.40 % | ||
| R1 | 103.25 | 2.54 % | ||
| Current price: | 100.70 | |||
| Support | S1 | 97.18 | -3.50 % | |
| S2 | 95.30 | -5.36 % | ||
| S3 | 92.27 | -8.37 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 102.13 | 1.42 % | |
| R2 | 102.00 | 1.29 % | ||
| R1 | 101.65 | 0.94 % | ||
| Current price | 100.70 | |||
| Support | S1 | 100.25 | -0.447% | |
| S2 | 91.84 | -8.80% | ||
| S3 | 91.73 | -8.91% |
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