Shree Ganesh Bio-Tech Stock Forecast
Evaluation of Shree Ganesh Bio-Tech stock downgraded after the last trading session.
(Updated on Jun 21, 2024)
The Shree Ganesh Bio-Tech stock price gained 0.88% on the last trading day (Friday, 21st Jun 2024), rising from ₹1.14 to ₹1.15. During the last trading day the stock fluctuated 1.75% from a day low at ₹1.14 to a day high of ₹1.16. The price has been going up and down for this period, and there has been a 1.77% gain 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, 498 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately ₹2.24 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -4.19% during the next 3 months and, with a 90% probability hold a price between ₹1.03 and ₹1.24 at the end of this 3-month period.
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SHREEGANES.BO Signals & Forecast
There are mixed signals in the stock today. The Shree Ganesh Bio-Tech 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 ₹1.15 and ₹1.17. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Wednesday, June 05, 2024, and so far it has risen 5.50%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Shree Ganesh Bio-Tech stock
Shree Ganesh Bio-Tech finds support from accumulated volume at ₹1.14 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹0.0200 between high and low, or 1.75%. For the last week the stock has had daily average volatility of 3.23%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SHREEGANES.BO) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Shree Ganesh Bio-Tech to open at ₹1.15, and during the day (based on 14 day Average True Range), to move between ₹1.11 and ₹1.19, which gives a possible trading interval of +/-₹0.0395 (+/-3.44%) up or down from last closing price. If Shree Ganesh Bio-Tech takes out the full calculated possible swing range there will be an estimated 6.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹1.16 (0.87%) than the support at ₹1.14 (0.87%), 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 Ganesh Bio-Tech stock A Buy?
Shree Ganesh Bio-Tech 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: -1.732 Sell Candidate Downgraded
Predicted Opening Price for Shree Ganesh Bio-Tech of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| ₹1.15 ( 0%) | ₹1.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SHREEGANES.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.17 | 1.74% |
| R2 | 1.16 | 1.07% |
| R1 | 1.16 | 0.664% |
| Price | 1.15 | |
| S1 | 1.14 | -0.664% |
| S2 | 1.14 | -1.07% |
| S3 | 1.13 | -1.74% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.19 | 3.48% |
| R2 | 1.17 | 1.74% |
| R1 | 1.16 | 0.87% |
| Price | 1.15 | |
| S1 | 1.14 | -0.87% |
| S2 | 1.12 | -2.61% |
| S3 | 1.10 | -4.35% |
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