Salem Erode Investments Limited Stock Forecast

Salem Erode Investments Limited stock price ended at ₹50.87 on Friday, after losing 4.81%.
(Updated on Jun 28, 2024)

SALEM.BO Signals & Forecast

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. The Salem Erode Investments Limited 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 ₹52.61 and ₹55.78. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 22, 2024, and so far it has fallen -36.40%. Further fall is indicated until a new bottom pivot has been found. Salem Erode Investments Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".

Support, Risk & Stop-loss for Salem Erode Investments Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹45.61 and ₹45.00. 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, Salem Erode Investments Limited finds support just below today's level at ₹45.61. If this is broken, then the next support from accumulated volume will be at ₹45.00 and ₹44.42.

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 ₹1.23 between high and low, or 2.42%. For the last week, the stock has had daily average volatility of 4.70%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (SALEM.BO) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Salem Erode Investments Limited to open at ₹51.21, and during the day (based on 14 day Average True Range), to move between ₹47.59 and ₹54.15, which gives a possible trading interval of +/-₹3.28 (+/-6.45%) up or down from last closing price. If Salem Erode Investments Limited takes out the full calculated possible swing range there will be an estimated 12.90% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹54.46 (7.06%) than the support at ₹45.61 (10.34%), 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 Salem Erode Investments Limited stock A Buy?

The Salem Erode Investments Limited stock holds several negative signals and despite the positive trend, we believe Salem Erode Investments Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Current score: -1.893 Sell Candidate Unchanged

Predicted Opening Price for Salem Erode Investments Limited of Monday, July 1, 2024

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