Simplex Castings Limited Stock Forecast
Evaluation of Simplex Castings Limited stock downgraded after the last trading session.
(Updated on May 02, 2024)
The Simplex Castings Limited stock price gained 2.00% on the last trading day (Thursday, 2nd May 2024), rising from ₹192.75 to ₹196.60. 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 0% from a day low at ₹196.60 to a day high of ₹196.60. The price has risen in 8 of the last 10 days and is up by 26.27% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 9 thousand more shares were traded than the day before. In total, 17 thousand shares were bought and sold for approximately ₹3.33 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ₹195.01 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 151.95% during the next 3 months and, with a 90% probability hold a price between ₹491.33 and ₹542.41 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
SIMPLEXCAS.BO Signals & Forecast
The Simplex Castings 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 ₹190.33 and ₹160.36. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 26, 2024, and so far it has risen 36.53%. 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 Simplex Castings Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹158.85 and ₹147.80. 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, Simplex Castings Limited finds support just below today's level at ₹158.85. If this is broken, then the next support from accumulated volume will be at ₹147.80 and ₹147.70.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹0 between high and low, or 0%. For the last week, the stock has had daily average volatility of 0.81%.
Our recommended stop-loss: ₹188.90 (-3.92%) (This stock has high daily movements and this gives high risk. The RSI14 is 81 and this increases the risk substantially. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (SIMPLEXCAS.BO) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Simplex Castings Limited to open at ₹196.60, and during the day (based on 14 day Average True Range), to move between ₹190.49 and ₹202.71, which gives a possible trading interval of +/-₹6.11 (+/-3.11%) up or down from last closing price. If Simplex Castings Limited takes out the full calculated possible swing range there will be an estimated 6.21% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹158.85, some ₹37.75 (19.20%) from the current price of ₹196.60, our system finds the risk reward attractive.
Is Simplex Castings Limited stock A Buy?
Simplex Castings Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Simplex Castings Limited of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| ₹196.60 ( 0%) | ₹196.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SIMPLEXCAS.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 196.60 | . | |
| R2 | 196.60 | . | ||
| R1 | 196.60 | . | ||
| Current price: | 196.60 | |||
| Support | S1 | 196.60 | . | |
| S2 | 196.60 | . | ||
| S3 | 196.60 | . |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 196.60 | |||
| Support | S1 | 158.85 | -19.20% | |
| S2 | 147.80 | -24.82% | ||
| S3 | 147.70 | -24.87% |
FAQ
Click here for our free guide on how to buy Simplex Castings Limited Stock.
