ReNew Energy Global plc Stock Forecast
Green day on Tuesday for ReNew Energy Global plc stock after gaining 0.99%
(Updated on Jul 02, 2024)
The ReNew Energy Global plc stock price gained 0.99% on the last trading day (Tuesday, 2nd Jul 2024), rising from $6.08 to $6.14. During the last trading day the stock fluctuated 2.76% from a day low at $5.99 to a day high of $6.15. The price has risen in 6 of the last 10 days but is still down by -1.13% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 805 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $11.67 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 12.81% during the next 3 months and, with a 90% probability hold a price between $6.73 and $7.48 at the end of this 3-month period.
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RNW Signals & Forecast
Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The ReNew Energy Global plc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $6.33 and $6.19. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, June 25, 2024, and so far it has fallen -6.54%. 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).
Support, Risk & Stop-loss for ReNew Energy Global plc stock
ReNew Energy Global plc finds support from accumulated volume at $6.07 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 $0.165 between high and low, or 2.76%. For the last week, the stock has had daily average volatility of 3.90%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RNW) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect ReNew Energy Global plc to open at $6.09, and during the day (based on 14 day Average True Range), to move between $5.88 and $6.40, which gives a possible trading interval of +/-$0.259 (+/-4.22%) up or down from last closing price. If ReNew Energy Global plc takes out the full calculated possible swing range there will be an estimated 8.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.20 (0.98%) than the support at $6.07 (1.14%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is ReNew Energy Global plc stock A Buy?
The ReNew Energy Global plc stock holds several negative signals and despite the positive trend, we believe ReNew Energy Global plc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -1.729 Sell Candidate Unchanged
Predicted Opening Price for ReNew Energy Global plc of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $6.09 ( 0.787%) | $6.14 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RNW
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.26 | 1.90% |
| R2 | 6.19 | 0.87% |
| R1 | 6.15 | 0.239% |
| Price | 6.14 | |
| S1 | 6.03 | -1.81% |
| S2 | 5.99 | -2.45% |
| S3 | 5.93 | -3.47% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.46 | 5.21% |
| R2 | 6.27 | 2.12% |
| R1 | 6.20 | 0.98% |
| Price | 6.14 | |
| S1 | 6.07 | -1.14% |
| S2 | 6.05 | -1.47% |
| S3 | 5.82 | -5.21% |
FAQ
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