Yarn Syndicate Limited Stock Forecast
Yarn Syndicate Limited stock upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.
(Updated on Jun 25, 2024)
The Yarn Syndicate Limited stock price gained 4.88% on the last trading day (Tuesday, 25th Jun 2024), rising from ₹36.68 to ₹38.47. During the last trading day the stock fluctuated 9.09% from a day low at ₹35.30 to a day high of ₹38.51. The price has risen in 6 of the last 10 days and is up by 16.43% 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, 14 thousand more shares were traded than the day before. In total, 18 thousand shares were bought and sold for approximately ₹701.12 thousand.
The stock lies in the upper part of a very wide and strong rising 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 ₹39.71 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 55.28% during the next 3 months and, with a 90% probability hold a price between ₹45.74 and ₹61.66 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
YARNSYN.BO Signals & Forecast
The Yarn Syndicate 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 ₹37.65 and ₹30.08. 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). Yarn Syndicate 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 Tuesday, June 18, 2024, and so far it has fallen -0.104%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Yarn Syndicate Limited stock
Yarn Syndicate Limited finds support from accumulated volume at ₹38.15 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ₹3.21 between high and low, or 9.09%. For the last week, the stock has had daily average volatility of 6.34%.
Our recommended stop-loss: ₹37.09 (-3.58%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 29 days ago.)
Trading Expectations (YARNSYN.BO) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Yarn Syndicate Limited to open at ₹37.43, and during the day (based on 14 day Average True Range), to move between ₹36.34 and ₹40.60, which gives a possible trading interval of +/-₹2.13 (+/-5.54%) up or down from last closing price. If Yarn Syndicate Limited takes out the full calculated possible swing range there will be an estimated 11.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹38.51 (0.10%) than the support at ₹38.15 (0.83%), 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 Yarn Syndicate Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Yarn Syndicate Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 4.408 Buy Candidate Upgraded
Predicted Opening Price for Yarn Syndicate Limited of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| ₹37.43 ( 2.71%) | ₹38.47 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for YARNSYN.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 40.64 | 5.63% |
| R2 | 39.41 | 2.44% |
| R1 | 38.65 | 0.475% |
| Price | 38.47 | |
| S1 | 36.20 | -5.90% |
| S2 | 35.44 | -7.87% |
| S3 | 34.22 | -11.06% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 38.51 | 0.104% |
| Price | 38.47 | |
| S1 | 38.15 | -0.83% |
| S2 | 37.11 | -3.54% |
| S3 | 33.04 | -14.11% |
FAQ
Click here for our free guide on how to buy Yarn Syndicate Limited Stock.
