Abu Dhabi Islamic Bank Stock Forecast
Green day on Thursday for Abu Dhabi Islamic Bank
(Updated on May 02, 2024)
The Abu Dhabi Islamic Bank stock price gained 3.00% on the last trading day (Thursday, 2nd May 2024), rising from $11.32 to $11.66. During the last trading day the stock fluctuated 3.19% from a day low at $11.30 to a day high of $11.66. The price has risen in 4 of the last 10 days and is up by 5.05% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 million more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately $56.76 million.
Given the current horizontal trend, you can expect Abu Dhabi Islamic Bank stock with a 90% probability to be traded between $10.47 and $11.64 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. 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.
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ADIB.UH Signals & Forecast
The Abu Dhabi Islamic Bank 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 $11.30 and $11.08. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 11, 2024, and so far it has risen 11.05%. 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.
Support, Risk & Stop-loss for Abu Dhabi Islamic Bank stock
Abu Dhabi Islamic Bank finds support from accumulated volume at $11.32 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.360 between high and low, or 3.19%. For the last week the stock has had daily average volatility of 1.71%.
Our recommended stop-loss: $11.24 (-3.58%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 35 days ago.)
Trading Expectations (ADIB.UH) For The Upcoming Trading Day Of Sunday 5th
For the upcoming trading day on Sunday, 5th we expect Abu Dhabi Islamic Bank to open at $11.54, and during the day (based on 14 day Average True Range), to move between $11.53 and $11.79, which gives a possible trading interval of +/-$0.131 (+/-1.13%) up or down from last closing price. If Abu Dhabi Islamic Bank takes out the full calculated possible swing range there will be an estimated 2.25% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $11.32, some $0.340 (2.92%) from the current price of $11.66, our system finds the risk reward attractive.
Is Abu Dhabi Islamic Bank stock A Buy?
Abu Dhabi Islamic Bank 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Abu Dhabi Islamic Bank of Sunday, May 5, 2024
| Fair opening price May 5, 2024 | Current price |
|---|---|
| $11.54 ( 1.03%) | $11.66 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ADIB.UH
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.90 | 2.06 % | |
| R2 | 11.76 | 0.88 % | ||
| R1 | 11.68 | 0.150 % | ||
| Current price: | 11.66 | |||
| Support | S1 | 11.40 | -2.21 % | |
| S2 | 11.32 | -2.94 % | ||
| S3 | 11.18 | -4.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 11.66 | |||
| Support | S1 | 11.32 | -2.92% | |
| S2 | 11.24 | -3.60% | ||
| S3 | 11.20 | -3.95% |
FAQ
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