AfroCentric Investment Corp Ltd Stock Forecast
AfroCentric Investment Corp Ltd stock downgraded to Sell Candidate
(Updated on May 13, 2024)
The AfroCentric Investment Corp Ltd stock price gained 0.379% on the last trading day (Monday, 13th May 2024), rising from $264.00 to $265.00. During the last trading day the stock fluctuated 0.379% from a day low at $264.00 to a day high of $265.00. The price has risen in 4 of the last 10 days. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 thousand more shares were traded than the day before. In total, 8 thousand shares were bought and sold for approximately $2.10 million.
The stock lies in the middle of a 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 -9.23% during the next 3 months and, with a 90% probability hold a price between $227.81 and $278.51 at the end of this 3-month period.
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ACT.JO Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, May 10, 2024, and so far it has risen 0.379%. 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). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The AfroCentric Investment Corp Ltd 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 $290.86 and $284.80. A break-up above any of these levels will issue buy signals.
A sell signal from a double top formation was found on Friday, May 03, 2024 with a target of $265.56. Despite whether the objective of the signal formation has been reached the stock may continue to fall.
Support, Risk & Stop-loss for AfroCentric Investment Corp Ltd stock
AfroCentric Investment Corp Ltd finds support from accumulated volume at $264.00 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 $1.00 between high and low, or 0.379%. For the last week, the stock has had daily average volatility of 5.11%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ACT.JO) For The Upcoming Trading Day Of Tuesday 14th
For the upcoming trading day on Tuesday, 14th we expect AfroCentric Investment Corporation Limited to open at $264.67, and during the day (based on 14 day Average True Range), to move between $248.63 and $281.37, which gives a possible trading interval of +/-$16.37 (+/-6.18%) up or down from last closing price. If AfroCentric Investment Corporation Limited takes out the full calculated possible swing range there will be an estimated 12.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $264.00 (0.38%) than the resistance at $276.00 (4.15%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is AfroCentric Investment Corporation Limited stock A Buy?
AfroCentric Investment Corp Ltd 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 Hold/Accumulate to a Sell candidate.
Current score: -2.684 Sell Candidate Downgraded
Predicted Opening Price for AfroCentric Investment Corporation Limited of Tuesday, May 14, 2024
| Fair opening price May 14, 2024 | Current price |
|---|---|
| $264.67 ( 0.126%) | $265.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ACT.JO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 265.67 | 0.252 % | |
| R2 | 265.28 | 0.107 % | ||
| R1 | 265.05 | 0.0184 % | ||
| Current price: | 265.00 | |||
| Support | S1 | 264.28 | -0.270 % | |
| S2 | 264.05 | -0.359 % | ||
| S3 | 263.67 | -0.503 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 330.00 | 24.53 % | |
| R2 | 290.00 | 9.43 % | ||
| R1 | 276.00 | 4.15 % | ||
| Current price | 265.00 | |||
| Support | S1 | 264.00 | -0.377% | |
| S2 | 260.00 | -1.89% | ||
| S3 | 0 | . |
ACT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 08, 2024 | May 08, 2024 | May 13, 2024 | $11.00 | 4.15% |
| 2 | Nov 09, 2022 | Nov 09, 2022 | Nov 09, 2022 | $17.00 | 3.35% |
| 3 | May 11, 2022 | May 11, 2022 | May 11, 2022 | $17.00 | 3.78% |
| 4 | Nov 10, 2021 | Nov 10, 2021 | Nov 10, 2021 | $17.00 | 3.10% |
| 5 | May 12, 2021 | May 12, 2021 | May 12, 2021 | $17.00 | 3.78% |
FAQ
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