Forafric Global Plc Stock Forecast
Weaker technical forecast for Forafric Global Plc as stock downgraded to Sell Candidate.
(Updated on Jun 21, 2024)
The Forafric Global Plc stock price fell by -3.91% on the last day (Friday, 21st Jun 2024) from $11.24 to $10.80. During the last trading day the stock fluctuated 3.70% from a day low at $10.80 to a day high of $11.20. The price has fallen in 6 of the last 10 days and is down by -4.93% for this period. Volume has increased on the last day by 2 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 19 thousand shares were bought and sold for approximately $207.26 thousand.
Given the current short-term trend, the stock is expected to rise 9.34% during the next 3 months and, with a 90% probability hold a price between $11.81 and $12.65 at the end of this 3-month period.
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AFRI Signals & Forecast
There are few to no technical positive signals at the moment. The Forafric Global Plc 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 $10.98 and $10.87. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, June 05, 2024, and so far it has fallen -5.18%. 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). Forafric Global Plc gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Forafric Global Plc stock
Forafric Global Plc finds support from accumulated volume at $10.50 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 $0.400 between high and low, or 3.70%. For the last week the stock has had daily average volatility of 2.84%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AFRI) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Forafric Global Plc to open at $10.93, and during the day (based on 14 day Average True Range), to move between $10.49 and $11.11, which gives a possible trading interval of +/-$0.308 (+/-2.85%) up or down from last closing price. If Forafric Global Plc takes out the full calculated possible swing range there will be an estimated 5.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.01 (1.94%) than the support at $10.50 (2.78%), 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 Forafric Global Plc stock A Buy?
The Forafric Global Plc stock holds several negative signals and despite the positive trend, we believe Forafric Global Plc will perform weakly in the next couple of days or weeks. Therefore, we 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 Buy to a Sell candidate.
Current score: -4.878 Sell Candidate Downgraded
Predicted Opening Price for Forafric Global Plc of Monday, June 24, 2024
Fair opening price June 24, 2024 | Current price |
---|---|
$10.93 ( 1.23%) | $10.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AFRI
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 11.33 | 4.94% |
R2 | 11.18 | 3.52% |
R1 | 11.09 | 2.65% |
Price | 10.80 | |
S1 | 10.78 | -0.180% |
S2 | 10.69 | -1.05% |
S3 | 10.53 | -2.47% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 11.24 | 4.07% |
R2 | 11.10 | 2.78% |
R1 | 11.01 | 1.94% |
Price | 10.80 | |
S1 | 10.50 | -2.78% |
S2 | 10.37 | -3.98% |
S3 | 10.34 | -4.26% |
FAQ
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