Shree Cement Limited Stock Forecast

Stronger technical forecast for Shree Cement Limited stock price after Friday trading.
(Updated on May 17, 2024)

SHREECEM.NS Signals & Forecast

Mostly positive signals in the chart today. The Shree Cement Limited 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 ₹25,855.78 and ₹25,348.86. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 9.74%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Support, Risk & Stop-loss for Shree Cement Limited stock

Shree Cement Limited finds support from accumulated volume at ₹25,819.65 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹877.15 between high and low, or 3.44%. For the last week, the stock has had daily average volatility of 3.22%.

The Shree Cement Limited stock is extremely overbought on RSI14 (78). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: ₹25,211.21 (-4.16%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 78 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)

Trading Expectations (SHREECEM.NS) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Shree Cement Limited to open at ₹26,038.48, and during the day (based on 14 day Average True Range), to move between ₹25,635.99 and ₹26,975.61, which gives a possible trading interval of +/-₹669.81 (+/-2.55%) up or down from last closing price. If Shree Cement Limited takes out the full calculated possible swing range there will be an estimated 5.09% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹26,345.00 (0.15%) than the support at ₹25,819.65 (1.85%), 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 Shree Cement Limited stock A Buy?

Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.411 Buy Candidate Upgraded

Predicted Opening Price for Shree Cement Limited of Monday, May 20, 2024

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