Shyam Metalics and Energy Limi Stock Forecast

Green day on Friday for Shyam Metalics and Energy Limi stock after gaining 1.00%
(Updated on Jun 14, 2024)

SHYAMMETL.BO Signals & Forecast

The Shyam Metalics and Energy Limi 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 ₹633.61 and ₹615.60. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 18.19%. Further rise is indicated until a new top pivot has been found. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Monday, April 22, 2024 in the short-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 Shyam Metalics and Energy Limi stock

Shyam Metalics and Energy Limi finds support from accumulated volume at ₹642.95 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 ₹10.30 between high and low, or 1.60%. For the last week, the stock has had daily average volatility of 2.31%.

Since the Shyam Metalics and Energy Limi has been rising for 8 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: ₹625.48 (-4.29%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 17 days ago.)

Trading Expectations (SHYAMMETL.BO) For The Upcoming Trading Day Of Tuesday 18th

For the upcoming trading day on Tuesday, 18th we expect Shyam Metalics and Energy Limi to open at ₹651.07, and during the day (based on 14 day Average True Range), to move between ₹627.05 and ₹679.95, which gives a possible trading interval of +/-₹26.45 (+/-4.05%) up or down from last closing price. If Shyam Metalics and Energy Limi takes out the full calculated possible swing range there will be an estimated 8.10% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹654.95 (0.22%) than the support at ₹642.95 (1.61%), 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 Shyam Metalics and Energy Limi 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 Shyam Metalics and Energy Limi stock to perform well in the short-term.

Current score: 2.029 Buy Candidate Unchanged

Predicted Opening Price for Shyam Metalics and Energy Limi of Tuesday, June 18, 2024

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