Syncom Formulations Stock Forecast
Syncom Formulations stock price down 0.592% on Friday
(Updated on May 17, 2024)
The Syncom Formulations stock price fell by -0.592% on the last day (Friday, 17th May 2024) from ₹13.52 to ₹13.44. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.60% from a day low at ₹13.34 to a day high of ₹13.82. The price has fallen in 7 of the last 10 days and is down by -3.66% for this period. Volume has increased on the last day by 17 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 402 thousand shares were bought and sold for approximately ₹5.40 million.
The stock lies the upper part of a very wide and falling 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 ₹13.77 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -6.59% during the next 3 months and, with a 90% probability hold a price between ₹9.83 and ₹12.86 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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SYNCOMF.BO Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -4.27%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The Syncom Formulations 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 ₹13.33 and ₹13.08. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Syncom Formulations stock
Syncom Formulations finds support from accumulated volume at ₹13.30 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹0.480 between high and low, or 3.60%. For the last week, the stock has had daily average volatility of 3.87%.
Our recommended stop-loss: ₹12.97 (-3.48%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 16 days ago.)
Trading Expectations (SYNCOMF.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Syncom Formulations to open at ₹13.53, and during the day (based on 14 day Average True Range), to move between ₹12.89 and ₹13.99, which gives a possible trading interval of +/-₹0.553 (+/-4.11%) up or down from last closing price. If Syncom Formulations takes out the full calculated possible swing range there will be an estimated 8.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹13.30 (1.04%) than the resistance at ₹13.87 (3.20%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Syncom Formulations will release earnings BMO on Monday, May 27, 2024. We will update the financials statements for Syncom Formulations , that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.99% in the first trading day after earnings release.
Is Syncom Formulations stock A Buy?
Syncom Formulations 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.
Current score: -0.316 Hold/Accumulate Unchanged
Predicted Opening Price for Syncom Formulations of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹13.53 ( 0.694%) | ₹13.44 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SYNCOMF.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.01 | 4.27 % | |
| R2 | 13.83 | 2.90 % | ||
| R1 | 13.72 | 2.06 % | ||
| Current price: | 13.44 | |||
| Support | S1 | 13.35 | -0.670 % | |
| S2 | 13.24 | -1.51 % | ||
| S3 | 13.05 | -2.88 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.04 | 4.46 % | |
| R2 | 13.98 | 4.02 % | ||
| R1 | 13.87 | 3.20 % | ||
| Current price | 13.44 | |||
| Support | S1 | 13.30 | -1.04% | |
| S2 | 12.90 | -4.02% | ||
| S3 | 12.08 | -10.12% |
FAQ
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