Sacheta Metals Limited Stock Forecast
Evaluation of Sacheta Metals Limited stock downgraded after the last trading session.
(Updated on May 17, 2024)
The Sacheta Metals Limited stock price fell by -0.711% on the last day (Friday, 17th May 2024) from ₹21.10 to ₹20.95. During the last trading day the stock fluctuated 3.86% from a day low at ₹20.70 to a day high of ₹21.50. The price has fallen in 6 of the last 10 days and is down by -1.27% for this period. 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 -2 thousand shares and in total, 11 thousand shares were bought and sold for approximately ₹223.12 thousand.
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 ₹21.59 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 -11.30% during the next 3 months and, with a 90% probability hold a price between ₹15.61 and ₹19.15 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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SACHEMT.BO Signals & Forecast
The Sacheta Metals 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 ₹20.81 and ₹20.82. A breakdown below any of these levels will issue sell signals. 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 -5.50%. 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). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Sacheta Metals Limited stock
Sacheta Metals Limited finds support from accumulated volume at ₹20.87 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹0.80 between high and low, or 3.86%. For the last week the stock has had daily average volatility of 5.11%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SACHEMT.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Sacheta Metals Limited to open at ₹21.05, and during the day (based on 14 day Average True Range), to move between ₹19.70 and ₹22.20, which gives a possible trading interval of +/-₹1.25 (+/-5.97%) up or down from last closing price. If Sacheta Metals Limited takes out the full calculated possible swing range there will be an estimated 11.93% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹20.87 (0.38%) than the resistance at ₹21.06 (0.53%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Sacheta Metals Limited stock A Buy?
Sacheta Metals Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.897 Sell Candidate Downgraded
Predicted Opening Price for Sacheta Metals Limited of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹21.05 ( 0.477%) | ₹20.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SACHEMT.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.85 | 4.30 % | |
| R2 | 21.54 | 2.84 % | ||
| R1 | 21.36 | 1.94 % | ||
| Current price: | 20.95 | |||
| Support | S1 | 20.74 | -0.98 % | |
| S2 | 20.56 | -1.88 % | ||
| S3 | 20.25 | -3.34 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 25.10 | 19.81 % | |
| R2 | 22.17 | 5.82 % | ||
| R1 | 21.06 | 0.525 % | ||
| Current price | 20.95 | |||
| Support | S1 | 20.87 | -0.382% | |
| S2 | 19.83 | -5.35% | ||
| S3 | 19.47 | -7.06% |
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