Softtech Engineers Limited Stock Forecast

Softtech Engineers Limited stock upgraded from Buy Candidate to Strong Buy Candidate after Tuesday trading session.
(Updated on Jun 25, 2024)

SOFTTECH.BO Signals & Forecast

Mostly positive signals in the chart today. The Softtech Engineers 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 ₹350.41 and ₹328.21. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 11, 2024, and so far it has risen 29.27%. 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 Softtech Engineers Limited stock

Softtech Engineers Limited finds support from accumulated volume at ₹355.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 ₹8.55 between high and low, or 2.37%. For the last week, the stock has had daily average volatility of 3.00%.

The Softtech Engineers Limited stock is extremely overbought on RSI14 (83). 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: ₹354.79 (-3.34%) (This stock has high daily movements and this gives high risk. The RSI14 is 83 and this increases the risk substantially. There is a buy signal from a pivot bottom found 37 days ago.)

Trading Expectations (SOFTTECH.BO) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Softtech Engineers Limited to open at ₹365.50, and during the day (based on 14 day Average True Range), to move between ₹350.90 and ₹383.20, which gives a possible trading interval of +/-₹16.15 (+/-4.40%) up or down from last closing price. If Softtech Engineers Limited takes out the full calculated possible swing range there will be an estimated 8.80% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹355.00, some ₹12.05 (3.28%) from the current price of ₹367.05, our system finds the risk reward attractive.

Is Softtech Engineers Limited stock A Buy?

Softtech Engineers Limited holds several positive signals and has broken the very wide and horizontal trend up. As the stock is in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 6.614 Strong Buy Candidate Upgraded

Predicted Opening Price for Softtech Engineers Limited of Wednesday, June 26, 2024

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