Riba Textiles Limited Stock Forecast

Riba Textiles Limited stock price down 1.85% on Friday
(Updated on May 17, 2024)

RIBATEX.BO Signals & Forecast

There are few to no technical positive signals at the moment. The Riba Textiles 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 ₹77.40 and ₹81.23. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 12, 2024, and so far it has fallen -13.53%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Riba Textiles Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".

Support, Risk & Stop-loss for Riba Textiles Limited stock

Riba Textiles Limited finds support from accumulated volume at ₹73.77 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 ₹5.40 between high and low, or 7.17%. For the last week, the stock has had daily average volatility of 4.53%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (RIBATEX.BO) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Riba Textiles Limited to open at ₹77.61, and during the day (based on 14 day Average True Range), to move between ₹72.27 and ₹81.37, which gives a possible trading interval of +/-₹4.55 (+/-5.93%) up or down from last closing price. If Riba Textiles Limited takes out the full calculated possible swing range there will be an estimated 11.85% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹73.77 (3.97%) than the resistance at ₹83.69 (8.94%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Riba Textiles Limited stock A Buy?

The Riba Textiles Limited stock holds several negative signals and despite the positive trend, we believe Riba Textiles Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Current score: -2.613 Sell Candidate Unchanged

Predicted Opening Price for Riba Textiles Limited of Tuesday, May 21, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.