Americann Inc Stock Forecast
Is Americann Inc stock still a buy after falling -10.00% on Thursday?
(Updated on May 02, 2024)
The Americann Inc stock price fell by -10.00% on the last day (Thursday, 2nd May 2024) from $0.0750 to $0.0675. During the last trading day the stock fluctuated 1.19% from a day low at $0.0675 to a day high of $0.0683. The price has been going up and down for this period, and there has been a 10.66% gain for the last 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 -2 thousand shares and in total, 2 thousand shares were bought and sold for approximately $163.76 .
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Americann Inc stock with a 90% probability to be traded between $0.0514 and $0.0984 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ACAN Signals & Forecast
The Americann 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 $0.0659 and $0.0641. A breakdown below any of these levels will issue sell signals. 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, May 01, 2024, and so far it has fallen -10.00%. 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 along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Americann Inc stock
Americann Inc finds support from accumulated volume at $0.0650 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0008 between high and low, or 1.19%. For the last week the stock has had daily average volatility of 8.19%.
Our recommended stop-loss: $0.0635 (-5.94%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (ACAN) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Americann Inc to open at $0.0678, and during the day (based on 14 day Average True Range), to move between $0.0595 and $0.0755, which gives a possible trading interval of +/-$0.0080 (+/-11.87%) up or down from last closing price. If Americann Inc takes out the full calculated possible swing range there will be an estimated 23.75% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0700 (3.70%) than the support at $0.0650 (3.70%), 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 Americann Inc stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Americann Inc stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.085 Buy Candidate Upgraded
Predicted Opening Price for Americann Inc of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $0.0678 ( 0.395%) | $0.0675 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ACAN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0686 | 1.58 % | |
| R2 | 0.0683 | 1.13 % | ||
| R1 | 0.0681 | 0.85 % | ||
| Current price: | 0.0675 | |||
| Support | S1 | 0.0675 | -0.0577 % | |
| S2 | 0.0673 | -0.337 % | ||
| S3 | 0.0670 | -0.790 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0800 | 18.52 % | |
| R2 | 0.0750 | 11.11 % | ||
| R1 | 0.0700 | 3.70 % | ||
| Current price | 0.0675 | |||
| Support | S1 | 0.0650 | -3.70% | |
| S2 | 0.0600 | -11.11% | ||
| S3 | 0.0525 | -22.22% |
FAQ
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