Uni Abex Alloy Products Limited Stock Forecast

Evaluation of Uni Abex Alloy Products Limited stock downgraded after the last trading session.
(Updated on Jun 21, 2024)

UNIABEXAL.BO Signals & Forecast

Mostly positive signals in the chart today. The Uni Abex Alloy Products 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 ₹2,584.05 and ₹2,499.57. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 23, 2024, and so far it has risen 27.97%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

Support, Risk & Stop-loss for Uni Abex Alloy Products Limited stock

Uni Abex Alloy Products Limited finds support from accumulated volume at ₹2,699.95 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 a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹173.25 between high and low, or 6.21%. For the last week, the stock has had daily average volatility of 6.30%.

The Uni Abex Alloy Products Limited stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs. Since the Uni Abex Alloy Products Limited has been rising for 8 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: ₹2,711.11 (-3.38%) (This stock has high daily movements and this gives high risk. The RSI14 is 81 and this increases the risk substantially. There is a buy signal from a pivot bottom found 59 days ago.)

Trading Expectations (UNIABEXAL.BO) For The Upcoming Trading Day Of Monday 24th

For the upcoming trading day on Monday, 24th we expect Uni Abex Alloy Products Limited to open at ₹2,851.73, and during the day (based on 14 day Average True Range), to move between ₹2,662.92 and ₹2,948.98, which gives a possible trading interval of +/-₹143.03 (+/-5.10%) up or down from last closing price. If Uni Abex Alloy Products Limited takes out the full calculated possible swing range there will be an estimated 10.19% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹2,838.80 (1.17%) than the support at ₹2,699.95 (3.78%), 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 Uni Abex Alloy Products Limited stock A Buy?

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.

Current score: 2.998 Buy Candidate Downgraded

Predicted Opening Price for Uni Abex Alloy Products Limited of Monday, June 24, 2024

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