Triveni Glass Limited Stock Forecast
Red day on Friday for Triveni Glass Limited
(Updated on Jun 14, 2024)
The Triveni Glass Limited stock price fell by -2.55% on the last day (Friday, 14th Jun 2024) from ₹23.52 to ₹22.92. During the last trading day the stock fluctuated 4.35% from a day low at ₹22.52 to a day high of ₹23.50. The price has risen in 6 of the last 10 days and is up by 18.69% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -25 thousand shares and in total, 26 thousand shares were bought and sold for approximately ₹602.06 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -12.53% during the next 3 months and, with a 90% probability hold a price between ₹15.68 and ₹21.37 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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TRIVENIGQ.BO Signals & Forecast
The Triveni Glass 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 ₹22.39 and ₹22.23. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Wednesday, June 12, 2024, and so far it has fallen -5.21%. Further fall is indicated until a new bottom pivot has been found. 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.
Support, Risk & Stop-loss for Triveni Glass Limited stock
Triveni Glass Limited finds support from accumulated volume at ₹21.94 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved ₹0.98 between high and low, or 4.35%. For the last week the stock has had daily average volatility of 5.54%.
Our recommended stop-loss: ₹21.74 (-5.15%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (TRIVENIGQ.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Triveni Glass Limited to open at ₹22.98, and during the day (based on 14 day Average True Range), to move between ₹21.66 and ₹24.18, which gives a possible trading interval of +/-₹1.26 (+/-5.49%) up or down from last closing price. If Triveni Glass Limited takes out the full calculated possible swing range there will be an estimated 10.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹23.03 (0.48%) than the support at ₹21.94 (4.28%), 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 Triveni Glass Limited stock A Buy?
Triveni Glass 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.
Current score: 0.522 Hold/Accumulate Unchanged
Predicted Opening Price for Triveni Glass Limited of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹22.98 ( 0.262%) | ₹22.92 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TRIVENIGQ.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 23.96 | 4.54% |
| R2 | 23.59 | 2.90% |
| R1 | 23.35 | 1.90% |
| Price | 22.92 | |
| S1 | 22.61 | -1.37% |
| S2 | 22.37 | -2.38% |
| S3 | 22.00 | -4.01% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 23.93 | 4.41% |
| R2 | 23.52 | 2.62% |
| R1 | 23.03 | 0.480% |
| Price | 22.92 | |
| S1 | 21.94 | -4.28% |
| S2 | 19.83 | -13.48% |
| S3 | 18.83 | -17.84% |
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