Spencer's Retail Ltd Stock Forecast
Red day on Friday for Spencer's Retail Ltd stock after losing 1.37%
(Updated on May 03, 2024)
The Spencer's Retail Ltd stock price fell by -1.37% on the last day (Friday, 3rd May 2024) from ₹98.65 to ₹97.30. During the last trading day the stock fluctuated 3.09% from a day low at ₹97.00 to a day high of ₹100.00. The price has fallen in 6 of the last 10 days and is down by -1.52% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -91 thousand shares and in total, 126 thousand shares were bought and sold for approximately ₹12.27 million.
The stock lies in the middle of a very 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 -18.51% during the next 3 months and, with a 90% probability hold a price between ₹63.04 and ₹86.06 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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SPENCERS.NS Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, March 26, 2024, and so far it has risen 10.88%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Spencer's Retail Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ₹101.01 and ₹97.55. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Spencer's Retail Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹90.90 and ₹90.00. 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, Spencer's Retail Ltd finds support just below today's level at ₹90.90. If this is broken, then the next support from accumulated volume will be at ₹90.00 and ₹87.75.
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 ₹3.00 between high and low, or 3.09%. For the last week, the stock has had daily average volatility of 3.00%.
Our recommended stop-loss: ₹92.71 (-4.71%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (SPENCERS.NS) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Spencer's Retail Ltd to open at ₹98.10, and during the day (based on 14 day Average True Range), to move between ₹92.90 and ₹101.70, which gives a possible trading interval of +/-₹4.40 (+/-4.53%) up or down from last closing price. If Spencer's Retail Ltd takes out the full calculated possible swing range there will be an estimated 9.05% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹90.90 (6.58%) than the resistance at ₹113.60 (16.75%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Spencer's Retail Ltd stock A Buy?
Spencer's Retail Ltd 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.
Current score: -0.271 Hold/Accumulate Unchanged
Predicted Opening Price for Spencer's Retail Ltd of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| ₹98.10 ( 0.82%) | ₹97.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPENCERS.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 101.10 | 3.91 % | |
| R2 | 99.95 | 2.73 % | ||
| R1 | 99.25 | 2.00 % | ||
| Current price: | 97.30 | |||
| Support | S1 | 96.95 | -0.356 % | |
| S2 | 96.25 | -1.08 % | ||
| S3 | 95.10 | -2.26 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 118.70 | 21.99 % | |
| R2 | 117.15 | 20.40 % | ||
| R1 | 113.60 | 16.75 % | ||
| Current price | 97.30 | |||
| Support | S1 | 90.90 | -6.58% | |
| S2 | 90.00 | -7.50% | ||
| S3 | 87.75 | -9.82% |
FAQ
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