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High volatility in Exela Technologies, Inc. stock price on Thursday which ended trading at $2.12

StockInvest.us, 4 months ago

Exela Technologies, Inc.

The Exela Technologies, Inc. stock price fell by -11.30% on the last day (Thursday, 1st Jul 2021) from $2.39 to $2.12. During the day the stock fluctuated 13.71% from a day low at $1.97 to a day high of $2.24. The price has risen in 6 of the last 10 days and is up by 54.74% over the past 2 weeks. 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 -346 million shares and in total, 86 million shares were bought and sold for approximately $183.15 million.

Cantor Fitzgerald is very positive about XELA and gave it a "Overweight" rating on June 02, 2021. The price target was set to $4.00.

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 -19.14% during the next 3 months and, with a 90% probability hold a price between $0.97 and $1.93 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.

Exela Technologies, Inc.

The Exela Technologies, Inc. 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 $1.77 and $1.58. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). 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 Wednesday, June 30, 2021, and so far it has fallen -11.30%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

On the downside, the stock finds support just below today's level from accumulated volume at $1.72 and $1.70.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Exela Technologies, Inc. finds support just below today's level at $1.72. If this is broken, then the next support from accumulated volume will be at $1.70 and $1.69.

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 $0.27 between high and low, or 13.71%. For the last week, the stock has had a daily average volatility of 23.17%.

Exela Technologies, Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.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 Hold/Accumulate candidate.

Check full Exela Technologies, Inc. forecast and analysis here.