Alpha Growth Plc Stock Forecast
Weaker technical forecast for Alpha Growth Plc as stock downgraded to Sell Candidate.
(Updated on Mar 27, 2024)
The Alpha Growth Plc stock price fell by -4.00% on the last day (Wednesday, 27th Mar 2024) from £1.25 to £1.20. During the last trading day the stock fluctuated 8.33% from a day low at £1.20 to a day high of £1.30. The price has been going up and down for this period, and there has been a -4% loss for the last 2 weeks. Volume has increased on the last day by 266 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, 390 thousand shares were bought and sold for approximately £468.17 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 -37.31% during the next 3 months and, with a 90% probability hold a price between £0.604 and £0.89 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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ALGW.L Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, March 11, 2024, and so far it has risen 6.67%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Alpha Growth Plc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at £1.24 and £1.22. A break-up above any of these levels will issue buy signals. Alpha Growth Plc gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Alpha Growth Plc stock
Alpha Growth Plc finds support from accumulated volume at £1.19 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 £0.100 between high and low, or 8.33%. For the last week, the stock has had daily average volatility of 4.12%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ALGW.L) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Alpha Growth Plc to open at £1.23, and during the day (based on 14 day Average True Range), to move between £1.12 and £1.28, which gives a possible trading interval of +/-£0.0828 (+/-6.90%) up or down from last closing price. If Alpha Growth Plc takes out the full calculated possible swing range there will be an estimated 13.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £1.20 (0.17%) than the support at £1.19 (0.63%), 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 Alpha Growth Plc stock A Buy?
Alpha Growth Plc holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. 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 Sell candidate.
Current score: -2.557 Sell Candidate Downgraded
Predicted Opening Price for Alpha Growth Plc of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
£1.23 ( 2.78%) | £1.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALGW.L
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.33 | 11.11 % | |
R2 | 1.30 | 7.93 % | ||
R1 | 1.27 | 5.96 % | ||
Current price: | 1.20 | |||
Support | S1 | 1.20 | -0.406 % | |
S2 | 1.17 | -2.37 % | ||
S3 | 1.13 | -5.56 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.40 | 16.67 % | |
R2 | 1.25 | 4.17 % | ||
R1 | 1.20 | 0.167 % | ||
Current price | 1.20 | |||
Support | S1 | 1.19 | -0.625% | |
S2 | 1.13 | -5.62% | ||
S3 | 1.13 | -6.25% |
FAQ
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