Renew Energy Global Plc Stock Forecast

Volatile ride for Renew Energy Global Plc stock price on Tuesday moving between $0.500 and $0.570
(Updated on Jun 25, 2024)

RNWWW Signals & Forecast

The Renew Energy Global Plc stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $0.528. On a fall, the stock will find some support from the long-term average at approximately $0.489. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Renew Energy Global Plc 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. The very low volume increases the risk and reduces the other technical signals issued. 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, June 14, 2024, and so far it has fallen -23.09%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Renew Energy Global Plc stock

Renew Energy Global Plc finds support from accumulated volume at $0.480 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0699 between high and low, or 13.98%. For the last week, the stock has had daily average volatility of 9.93%.

Our recommended stop-loss: $0.470 (-5.92%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 7 days ago.)

Trading Expectations (RNWWW) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Renew Energy Global Plc to open at $0.523, and during the day (based on 14 day Average True Range), to move between $0.425 and $0.575, which gives a possible trading interval of +/-$0.0751 (+/-15.01%) 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 30.03% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.480 (4.00%) than the resistance at $0.548 (9.50%), 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?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Renew Energy Global Plc 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: 2.467 Buy Candidate Upgraded

Predicted Opening Price for Renew Energy Global Plc of Wednesday, June 26, 2024

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