Sreechem Resins Limited Stock Forecast

Red day on Wednesday for Sreechem Resins Limited stock after losing 1.25%
(Updated on May 15, 2024)

SRECR.BO Signals & Forecast

There are few to no technical positive signals at the moment. The Sreechem Resins Limited 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 ₹72.88 and ₹75.32. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 30, 2024, and so far it has fallen -11.19%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Sreechem Resins Limited stock

Sreechem Resins Limited finds support from accumulated volume at ₹70.86 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹1.13 between high and low, or 1.58%. For the last week the stock has had daily average volatility of 1.74%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (SRECR.BO) For The Upcoming Trading Day Of Thursday 16th

For the upcoming trading day on Thursday, 16th we expect Sreechem Resins Limited to open at ₹72.30, and during the day (based on 14 day Average True Range), to move between ₹69.37 and ₹75.99, which gives a possible trading interval of +/-₹3.31 (+/-4.55%) up or down from last closing price. If Sreechem Resins Limited takes out the full calculated possible swing range there will be an estimated 9.10% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹73.26 (0.80%) than the support at ₹70.86 (2.50%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Sreechem Resins Limited stock A Buy?

Sreechem Resins Limited holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.

Current score: -2.321 Sell Candidate Unchanged

Predicted Opening Price for Sreechem Resins Limited of Thursday, May 16, 2024

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