DAQO New Energy Corp Stock Forecast
DAQO New Energy Corp stock price down 0.80% on Thursday
(Updated on Apr 25, 2024)
The DAQO New Energy Corp stock price fell by -0.80% on the last day (Thursday, 25th Apr 2024) from $23.75 to $23.56. During the last trading day the stock fluctuated 3.35% from a day low at $23.25 to a day high of $24.03. The price has been going up and down for this period, and there has been a -5.42% loss for the last 2 weeks. Volume has increased on the last day by 284 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, 842 thousand shares were bought and sold for approximately $19.84 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $22.64 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 32.27% during the next 3 months and, with a 90% probability hold a price between $29.94 and $44.30 at the end of this 3-month period.
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DQ Signals & Forecast
There are few to no technical positive signals at the moment. The DAQO New Energy Corp stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $25.89. On a fall, the stock will find some support from the short-term average at $22.83. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Tuesday, March 12, 2024, and so far it has fallen -19.89%. 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.
Support, Risk & Stop-loss for DAQO New Energy Corp stock
DAQO New Energy Corp finds support from accumulated volume at $22.89 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 $0.780 between high and low, or 3.35%. For the last week, the stock has had daily average volatility of 3.55%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DQ) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect DAQO New Energy Corp to open at $23.61, and during the day (based on 14 day Average True Range), to move between $22.39 and $24.73, which gives a possible trading interval of +/-$1.17 (+/-4.96%) up or down from last closing price. If DAQO New Energy Corp takes out the full calculated possible swing range there will be an estimated 9.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $22.89 (2.84%) than the resistance at $25.86 (9.76%), 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
DAQO New Energy Corp will release earnings BMO on Monday, April 29, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.560. We will update the financials statements for DAQO New Energy Corp, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 11.31% in the first trading day after earnings release.
Is DAQO New Energy Corp stock A Buy?
The DAQO New Energy Corp stock holds several negative signals and despite the positive trend, we believe DAQO New Energy Corp will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -4.488 Sell Candidate Unchanged
Predicted Opening Price for DAQO New Energy Corp of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $23.61 ( 0.226%) | $23.56 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DQ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 24.39 | 3.54 % | |
| R2 | 24.10 | 2.27 % | ||
| R1 | 23.91 | 1.49 % | ||
| Current price: | 23.56 | |||
| Support | S1 | 23.32 | -1.04 % | |
| S2 | 23.13 | -1.82 % | ||
| S3 | 22.83 | -3.08 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 28.92 | 22.75 % | |
| R2 | 28.05 | 19.06 % | ||
| R1 | 25.86 | 9.76 % | ||
| Current price | 23.56 | |||
| Support | S1 | 22.89 | -2.84% | |
| S2 | 21.28 | -9.68% | ||
| S3 | 20.86 | -11.46% |
FAQ
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