ReNew Energy Global plc Stock Forecast
ReNew Energy Global plc stock upgraded to Hold/Accumulate.
(Updated on Apr 26, 2024)
The ReNew Energy Global plc stock price fell by -1.96% on the last day (Friday, 26th Apr 2024) from $5.62 to $5.51. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.18% from a day low at $5.50 to a day high of $5.68. The price has been going up and down for this period, and there has been a -1.78% loss for the last 2 weeks. 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 -228 thousand shares and in total, 352 thousand shares were bought and sold for approximately $1.94 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 -15.89% during the next 3 months and, with a 90% probability hold a price between $4.35 and $5.08 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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RNW Signals & Forecast
There are mixed signals in the stock today. 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. 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 $5.64 and $5.93. 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, April 16, 2024, and so far it has risen 3.57%. 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 ReNew Energy Global plc stock
ReNew Energy Global plc finds support from accumulated volume at $5.42 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 $0.175 between high and low, or 3.18%. For the last week, the stock has had daily average volatility of 2.84%.
Our recommended stop-loss: $5.22 (-5.34%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 8 days ago.)
Trading Expectations (RNW) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect ReNew Energy Global plc to open at $5.56, and during the day (based on 14 day Average True Range), to move between $5.33 and $5.69, which gives a possible trading interval of +/-$0.180 (+/-3.27%) 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 6.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $5.42 (1.63%) than the resistance at $6.00 (8.89%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ReNew Energy Global plc stock A Buy?
ReNew Energy Global plc 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: -0.974 Hold/Accumulate Upgraded
Predicted Opening Price for ReNew Energy Global plc of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $5.56 ( 0.94%) | $5.51 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 5.74 | 4.11 % | |
| R2 | 5.67 | 2.90 % | ||
| R1 | 5.63 | 2.15 % | ||
| Current price: | 5.51 | |||
| Support | S1 | 5.49 | -0.276 % | |
| S2 | 5.45 | -1.03 % | ||
| S3 | 5.39 | -2.24 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.31 | 14.52 % | |
| R2 | 6.18 | 12.16 % | ||
| R1 | 6.00 | 8.89 % | ||
| Current price | 5.51 | |||
| Support | S1 | 5.42 | -1.63% | |
| S2 | 5.38 | -2.36% | ||
| S3 | 5.32 | -3.45% |
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