SKM Egg Products Export Stock Forecast
SKM Egg Products Export stock upgraded to Hold/Accumulate.
(Updated on May 28, 2024)
The SKM Egg Products Export stock price gained 2.21% on the last trading day (Tuesday, 28th May 2024), rising from ₹239.80 to ₹245.10. During the last trading day the stock fluctuated 4.91% from a day low at ₹237.10 to a day high of ₹248.75. The price has been going up and down for this period, and there has been a -8.66% 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, 4 thousand more shares were traded than the day before. In total, 31 thousand shares were bought and sold for approximately ₹7.61 million.
The stock lies in the lower part of a very 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 ₹240.59 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 14.69% during the next 3 months and, with a 90% probability hold a price between ₹275.92 and ₹389.50 at the end of this 3-month period.
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SKMEGGPROD.BO Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, May 27, 2024, and so far it has risen 2.21%. Further rise is indicated until a new top pivot has been found. 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. The SKM Egg Products Export 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 ₹259.67 and ₹279.35. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for SKM Egg Products Export stock
SKM Egg Products Export finds support from accumulated volume at ₹243.65 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 ₹11.65 between high and low, or 4.91%. For the last week, the stock has had daily average volatility of 5.50%.
Our recommended stop-loss: ₹230.79 (-5.84%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 30 days ago.)
Trading Expectations (SKMEGGPROD.BO) For The Upcoming Trading Day Of Wednesday 29th
For the upcoming trading day on Wednesday, 29th we expect SKM Egg Products Export to open at ₹243.65, and during the day (based on 14 day Average True Range), to move between ₹229.61 and ₹260.59, which gives a possible trading interval of +/-₹15.49 (+/-6.32%) up or down from last closing price. If SKM Egg Products Export takes out the full calculated possible swing range there will be an estimated 12.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹243.65 (0.59%) than the resistance at ₹295.65 (20.62%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is SKM Egg Products Export stock A Buy?
SKM Egg Products Export holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.659 Hold/Accumulate Upgraded
Predicted Opening Price for SKM Egg Products Export of Wednesday, May 29, 2024
| Fair opening price May 29, 2024 | Current price |
|---|---|
| ₹243.65 ( 0.592%) | ₹245.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SKMEGGPROD.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 255.30 | 4.16 % | |
| R2 | 250.85 | 2.35 % | ||
| R1 | 248.10 | 1.22 % | ||
| Current price: | 245.10 | |||
| Support | S1 | 239.20 | -2.41 % | |
| S2 | 236.45 | -3.53 % | ||
| S3 | 232.00 | -5.34 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 306.15 | 24.91 % | |
| R2 | 304.45 | 24.21 % | ||
| R1 | 295.65 | 20.62 % | ||
| Current price | 245.10 | |||
| Support | S1 | 243.65 | -0.592% | |
| S2 | 221.25 | -9.73% | ||
| S3 | 215.55 | -12.06% |
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