Sturdy Industries Limited Stock Forecast
Evaluation of Sturdy Industries Limited stock downgraded after the last trading session.
(Updated on May 15, 2024)
The Sturdy Industries Limited stock price gained 3.85% on the last trading day (Wednesday, 15th May 2024), rising from ₹0.520 to ₹0.540. During the last trading day the stock fluctuated 8.00% from a day low at ₹0.500 to a day high of ₹0.540. The price has risen in 4 of the last 10 days and is up by 5.88% 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, 187 thousand more shares were traded than the day before. In total, 344 thousand shares were bought and sold for approximately ₹185.94 thousand.
The stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is ₹0.522, a level that may pose a second chance to hit a runner. According to fan-theory ₹0.599 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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STURDY.BO Signals & Forecast
The Sturdy Industries Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹0.514 and ₹0.517. A breakdown below any of these levels will issue sell signals. Sturdy Industries Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 08, 2024, and so far it has fallen -1.82%. 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).
Support, Risk & Stop-loss for Sturdy Industries Limited stock
Sturdy Industries Limited finds support from accumulated volume at ₹0.530 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 ₹0.0400 between high and low, or 8.00%. For the last week the stock has had daily average volatility of 5.65%.
Our recommended stop-loss: ₹0.519 (-3.87%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 23 days ago.)
Trading Expectations (STURDY.BO) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect Sturdy Industries Limited to open at ₹0.527, and during the day (based on 14 day Average True Range), to move between ₹0.512 and ₹0.568, which gives a possible trading interval of +/-₹0.0278 (+/-5.15%) up or down from last closing price. If Sturdy Industries Limited takes out the full calculated possible swing range there will be an estimated 10.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹0.550 (1.85%) than the support at ₹0.530 (1.85%), 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 Sturdy Industries Limited stock A Buy?
Sturdy Industries Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.330 Hold/Accumulate Downgraded
Predicted Opening Price for Sturdy Industries Limited of Thursday, May 16, 2024
| Fair opening price May 16, 2024 | Current price |
|---|---|
| ₹0.527 ( 2.47%) | ₹0.540 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for STURDY.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.567 | 4.94 % | |
| R2 | 0.551 | 2.11 % | ||
| R1 | 0.542 | 0.360 % | ||
| Current price: | 0.540 | |||
| Support | S1 | 0.511 | -5.30 % | |
| S2 | 0.502 | -7.05 % | ||
| S3 | 0.487 | -9.88 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.600 | 11.11 % | |
| R2 | 0.590 | 9.26 % | ||
| R1 | 0.550 | 1.85 % | ||
| Current price | 0.540 | |||
| Support | S1 | 0.530 | -1.85% | |
| S2 | 0.520 | -3.70% | ||
| S3 | 0.510 | -5.56% |
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