Steelcast Limited Stock Forecast

Steelcast Limited stock price down 0.115% on Monday
(Updated on May 27, 2024)

STEELCAS.BO Signals & Forecast

A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 3.38%. 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 Steelcast 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 ₹653.89 and ₹655.78. 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). Steelcast Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The stock had a Golden Star Signal on Friday, April 19, 2024 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Steelcast Limited stock

Steelcast Limited finds support from accumulated volume at ₹647.25 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹31.50 between high and low, or 4.93%. For the last week the stock has had daily average volatility of 2.85%.

Our recommended stop-loss: ₹620.40 (-4.44%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 30 days ago.)

Trading Expectations (STEELCAS.BO) For The Upcoming Trading Day Of Tuesday 28th

For the upcoming trading day on Tuesday, 28th we expect Steelcast Limited to open at ₹652.58, and during the day (based on 14 day Average True Range), to move between ₹629.31 and ₹669.19, which gives a possible trading interval of +/-₹19.94 (+/-3.07%) up or down from last closing price. If Steelcast Limited takes out the full calculated possible swing range there will be an estimated 6.14% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹647.25 (0.31%) than the resistance at ₹660.80 (1.78%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Steelcast Limited stock A Buy?

Steelcast Limited 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: 0.721 Hold/Accumulate Unchanged

Predicted Opening Price for Steelcast Limited of Tuesday, May 28, 2024

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