The Ruby Mills Limited Stock Forecast
Volatile ride for The Ruby Mills Limited stock price on Friday moving between ₹198.85 and ₹219.80
(Updated on May 17, 2024)
The The Ruby Mills Limited stock price gained 6.00% on the last trading day (Friday, 17th May 2024), rising from ₹200.00 to ₹212.00. During the last trading day the stock fluctuated 10.54% from a day low at ₹198.85 to a day high of ₹219.80. The price has fallen in 7 of the last 10 days but is still up by 4.92% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 thousand more shares were traded than the day before. In total, 7 thousand shares were bought and sold for approximately ₹1.47 million.
The stock lies the upper part of a wide and falling 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 ₹212.19 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -8.42% during the next 3 months and, with a 90% probability hold a price between ₹157.51 and ₹194.32 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
RUBYMILLS.BO Signals & Forecast
The The Ruby Mills 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 ₹199.85 and ₹199.86. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 27, 2024, and so far it has risen 15.88%. Further rise is indicated until a new top pivot has been found. The Ruby Mills Limited 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for The Ruby Mills Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹187.70 and ₹185.80. 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, The Ruby Mills Limited finds support just below today's level at ₹187.70. If this is broken, then the next support from accumulated volume will be at ₹185.80 and ₹182.95.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹20.95 between high and low, or 10.54%. For the last week the stock has had daily average volatility of 4.64%.
Our recommended stop-loss: ₹203.99 (-3.78%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 32 days ago.)
Trading Expectations (RUBYMILLS.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect The Ruby Mills Limited to open at ₹210.22, and during the day (based on 14 day Average True Range), to move between ₹204.79 and ₹219.21, which gives a possible trading interval of +/-₹7.21 (+/-3.40%) up or down from last closing price. If The Ruby Mills Limited takes out the full calculated possible swing range there will be an estimated 6.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹212.80 (0.38%) than the support at ₹187.70 (11.46%), 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.
Earnings coming up
The Ruby Mills Limited will release earnings BMO on Tuesday, May 21, 2024. We will update the financials statements for The Ruby Mills Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.17% in the first trading day after earnings release.
Is The Ruby Mills Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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: 2.400 Buy Candidate Upgraded
Predicted Opening Price for The Ruby Mills Limited of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹210.22 ( 0.84%) | ₹212.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RUBYMILLS.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 231.17 | 9.04 % | |
| R2 | 223.16 | 5.27 % | ||
| R1 | 218.22 | 2.93 % | ||
| Current price: | 212.00 | |||
| Support | S1 | 202.21 | -4.62 % | |
| S2 | 197.27 | -6.95 % | ||
| S3 | 189.27 | -10.72 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 226.20 | 6.70 % | |
| R2 | 213.75 | 0.83 % | ||
| R1 | 212.80 | 0.377 % | ||
| Current price | 212.00 | |||
| Support | S1 | 187.70 | -11.46% | |
| S2 | 185.80 | -12.36% | ||
| S3 | 182.95 | -13.70% |
FAQ
Click here for our free guide on how to buy The Ruby Mills Limited Stock.
