Big movements in Ideanomics stock price on Tuesday moving 51.46% between high and low

The Ideanomics stock price fell by -0.619% on the last day (Tuesday, 2nd May 2023) from $0.0485 to $0.0482. During the last trading day the stock fluctuated 51.46% from a day low at $0.0480 to a day high of $0.0727. The price has fallen in 8 of the last 10 days and is down by -12.36% for this period. 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 -257 million shares and in total, 423 million shares were bought and sold for approximately $20.40 million.

The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $0.0463, a level that may pose a second chance to hit a runner. According to fan-theory $0.0730 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

There are mixed signals in the stock today. The Ideanomics 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 $0.0843. On a fall, the stock will find some support from the short-term average at $0.0356. 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 Monday, May 01, 2023, and so far it has fallen -0.619%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Ideanomics finds support from accumulated volume at $0.0470 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 $0.0247 between high and low, or 51.46%. For the last week, the stock has had daily average volatility of 50.86%.

Ideanomics holds several negative signals and we believe that 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 Sell to a Strong Sell candidate.