Shekhawati Poly-Yarn Limited Stock Forecast
Green day on Monday for Shekhawati Poly-Yarn Limited stock after gaining 1.72%
(Updated on May 27, 2024)
The Shekhawati Poly-Yarn Limited stock price gained 1.72% on the last trading day (Monday, 27th May 2024), rising from ₹3.49 to ₹3.55. It has now gained 10 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 0% from a day low at ₹3.55 to a day high of ₹3.55. The price has risen in 10 of the last 10 days and is up by 21.99% 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, 290 thousand more shares were traded than the day before. In total, 658 thousand shares were bought and sold for approximately ₹2.33 million.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ₹3.65 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 62.73% during the next 3 months and, with a 90% probability hold a price between ₹4.77 and ₹5.93 at the end of this 3-month period.
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SPYL.BO Signals & Forecast
Mostly positive signals in the chart today. The Shekhawati Poly-Yarn 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 ₹3.35 and ₹2.84. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 15, 2024, and so far it has risen 96.13%. 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 Shekhawati Poly-Yarn Limited stock
Shekhawati Poly-Yarn Limited finds support from accumulated volume at ₹3.43 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 ₹0 between high and low, or 0%. For the last week, the stock has had daily average volatility of 0.416%.
Since the Shekhawati Poly-Yarn Limited has been rising for 10 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: ₹3.41 (-4.00%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 55 days ago.)
Trading Expectations (SPYL.BO) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Shekhawati Poly-Yarn Limited to open at ₹3.55, and during the day (based on 14 day Average True Range), to move between ₹3.49 and ₹3.61, which gives a possible trading interval of +/-₹0.0587 (+/-1.65%) up or down from last closing price. If Shekhawati Poly-Yarn Limited takes out the full calculated possible swing range there will be an estimated 3.31% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹3.43, some ₹0.120 (3.38%) from the current price of ₹3.55, our system finds the risk reward attractive.
Is Shekhawati Poly-Yarn Limited stock A Buy?
Shekhawati Poly-Yarn Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 6.996 Strong Buy Candidate Unchanged
Predicted Opening Price for Shekhawati Poly-Yarn Limited of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| ₹3.55 ( 0.00000000%) | ₹3.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPYL.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.55 | 0.00000000 % | |
| R2 | 3.55 | 0.00000000 % | ||
| R1 | 3.55 | 0.00000000 % | ||
| Current price: | 3.55 | |||
| Support | S1 | 3.55 | 0.00000000 % | |
| S2 | 3.55 | 0.00000000 % | ||
| S3 | 3.55 | 0.00000000 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 3.55 | |||
| Support | S1 | 3.43 | -3.38% | |
| S2 | 3.31 | -6.76% | ||
| S3 | 2.78 | -21.69% |
FAQ
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