Setco Automotive Limited Stock Forecast
Setco Automotive Limited stock price up 4.92% on Thursday
(Updated on May 09, 2024)
The Setco Automotive Limited stock price gained 4.92% on the last trading day (Thursday, 9th May 2024), rising from ₹10.97 to ₹11.51. During the last trading day the stock fluctuated 9.62% from a day low at ₹10.50 to a day high of ₹11.51. The price has been going up and down for this period, and there has been a -1.12% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 166 thousand more shares were traded than the day before. In total, 172 thousand shares were bought and sold for approximately ₹1.98 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 42.24% during the next 3 months and, with a 90% probability hold a price between ₹11.59 and ₹20.77 at the end of this 3-month period.
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SETCO.BO Signals & Forecast
The Setco Automotive Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹12.36. On a fall, the stock will find some support from the long-term average at approximately ₹9.39. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume is rising along with the price. This is considered to be a good technical signal. 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 -18.60%. 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). The stock had a Golden Star Signal on Friday, August 25, 2023 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star 12 Months
The stock had a Golden Star Signal on Friday, August 25, 2023 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Setco Automotive Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹9.87 and ₹9.60. 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, Setco Automotive Limited finds support just below today's level at ₹9.87. If this is broken, then the next support from accumulated volume will be at ₹9.60 and ₹8.70.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ₹1.01 between high and low, or 9.62%. For the last week, the stock has had daily average volatility of 1.92%.
Our recommended stop-loss: ₹10.85 (-5.76%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 6 days ago.)
Trading Expectations (SETCO.BO) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Setco Automotive Limited to open at ₹11.17, and during the day (based on 14 day Average True Range), to move between ₹10.84 and ₹12.18, which gives a possible trading interval of +/-₹0.666 (+/-5.78%) up or down from last closing price. If Setco Automotive Limited takes out the full calculated possible swing range there will be an estimated 11.56% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹12.22 (6.17%) than the support at ₹9.87 (14.25%), 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 Setco Automotive Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Setco Automotive Limited stock to perform well in the short-term.
Current score: 2.010 Buy Candidate Unchanged
Predicted Opening Price for Setco Automotive Limited of Friday, May 10, 2024
Fair opening price May 10, 2024 | Current price |
---|---|
₹11.17 ( 2.92%) | ₹11.51 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SETCO.BO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 12.18 | 5.85 % | |
R2 | 11.80 | 2.50 % | ||
R1 | 11.56 | 0.427 % | ||
Current price: | 11.51 | |||
Support | S1 | 10.79 | -6.28 % | |
S2 | 10.55 | -8.35 % | ||
S3 | 10.16 | -11.70 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 14.14 | 22.85 % | |
R2 | 13.44 | 16.77 % | ||
R1 | 12.22 | 6.17 % | ||
Current price | 11.51 | |||
Support | S1 | 9.87 | -14.25% | |
S2 | 9.60 | -16.59% | ||
S3 | 8.70 | -24.41% |
FAQ
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