Roopa Industries Limited Stock Forecast
Green day on Monday for Roopa Industries Limited
(Updated on May 27, 2024)
The Roopa Industries Limited stock price gained 4.29% on the last trading day (Monday, 27th May 2024), rising from ₹59.45 to ₹62.00. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 8.20% from a day low at ₹57.30 to a day high of ₹62.00. The price has risen in 6 of the last 10 days and is up by 3.2% over the past 2 weeks. Volume fell on the last day by -4 thousand shares and in total, 2 thousand shares were bought and sold for approximately ₹99.94 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the upper part of a wide and weak rising 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 ₹64.16 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 5.32% during the next 3 months and, with a 90% probability hold a price between ₹55.42 and ₹67.58 at the end of this 3-month period.
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ROOPAIND.BO Signals & Forecast
The Roopa Industries Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹58.82 and ₹59.00. 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). 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 Tuesday, April 30, 2024, and so far it has fallen -1.84%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Roopa Industries Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹58.03 and ₹58.01. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Roopa Industries Limited finds support just below today's level at ₹58.03. If this is broken, then the next support from accumulated volume will be at ₹58.01 and ₹49.91.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹4.70 between high and low, or 8.20%. For the last week the stock has had daily average volatility of 5.86%.
Our recommended stop-loss: ₹59.42 (-4.16%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 46 days ago.)
Trading Expectations (ROOPAIND.BO) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Roopa Industries Limited to open at ₹60.43, and during the day (based on 14 day Average True Range), to move between ₹58.39 and ₹65.61, which gives a possible trading interval of +/-₹3.61 (+/-5.82%) up or down from last closing price. If Roopa Industries Limited takes out the full calculated possible swing range there will be an estimated 11.65% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹62.69 (1.11%) than the support at ₹58.03 (6.40%), 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 Roopa Industries Limited stock A Buy?
Roopa Industries Limited 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.
Current score: -0.080 Hold/Accumulate Unchanged
Predicted Opening Price for Roopa Industries Limited of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| ₹60.43 ( 2.53%) | ₹62.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ROOPAIND.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 65.13 | 5.05 % | |
| R2 | 63.34 | 2.16 % | ||
| R1 | 62.23 | 0.369 % | ||
| Current price: | 62.00 | |||
| Support | S1 | 58.64 | -5.42 % | |
| S2 | 57.53 | -7.21 % | ||
| S3 | 55.73 | -10.11 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 63.16 | 1.87 % | ||
| R1 | 62.69 | 1.11 % | ||
| Current price | 62.00 | |||
| Support | S1 | 58.03 | -6.40% | |
| S2 | 58.01 | -6.44% | ||
| S3 | 49.91 | -19.50% |
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