Sanrhea Technical Textiles Ltd. Stock Forecast
Sanrhea Technical Textiles Ltd. stock downgraded to Buy Candidate
(Updated on May 17, 2024)
The Sanrhea Technical Textiles Ltd. stock price gained 2.11% on the last trading day (Friday, 17th May 2024), rising from ₹142.00 to ₹145.00. 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 4.26% from a day low at ₹141.00 to a day high of ₹147.00. The price has risen in 9 of the last 10 days and is up by 20.83% over the past 2 weeks. Volume fell on the last day by -2 thousand shares and in total, 462 shares were bought and sold for approximately ₹66.99 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.
Given the current horizontal trend, you can expect Sanrhea Technical Textiles Ltd. stock with a 90% probability to be traded between ₹105.79 and ₹144.79 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners. 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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SANTETX.BO Signals & Forecast
The Sanrhea Technical Textiles Ltd. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹137.01 and ₹122.48. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 36.79%. Further rise is indicated until a new top pivot has been found. 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. 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 Sanrhea Technical Textiles Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹135.00 and ₹131.00. 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, Sanrhea Technical Textiles Ltd. finds support just below today's level at ₹135.00. If this is broken, then the next support from accumulated volume will be at ₹131.00 and ₹125.00.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved ₹6.00 between high and low, or 4.26%. For the last week the stock has had daily average volatility of 5.57%.
Our recommended stop-loss: ₹140.68 (-2.98%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 57 days ago.)
Trading Expectations (SANTETX.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Sanrhea Technical Textiles Ltd. to open at ₹144.33, and during the day (based on 14 day Average True Range), to move between ₹136.22 and ₹153.78, which gives a possible trading interval of +/-₹8.78 (+/-6.06%) up or down from last closing price. If Sanrhea Technical Textiles Ltd. takes out the full calculated possible swing range there will be an estimated 12.11% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹135.00, some ₹10.00 (6.90%) from the current price of ₹145.00, our system finds the risk reward attractive.
Is Sanrhea Technical Textiles Ltd. stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Sanrhea Technical Textiles Ltd. stock to perform well in the short-term period. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 4.085 Buy Candidate Downgraded
Predicted Opening Price for Sanrhea Technical Textiles Ltd. of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹144.33 ( 0.460%) | ₹145.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SANTETX.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 150.33 | 3.68 % | |
| R2 | 148.04 | 2.10 % | ||
| R1 | 146.63 | 1.12 % | ||
| Current price: | 145.00 | |||
| Support | S1 | 142.04 | -2.04 % | |
| S2 | 140.63 | -3.02 % | ||
| S3 | 138.33 | -4.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 145.00 | |||
| Support | S1 | 135.00 | -6.90% | |
| S2 | 131.00 | -9.66% | ||
| S3 | 125.00 | -13.79% |
FAQ
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