Arrowroot Acquisition Corp. Stock Forecast
High volatility in Arrowroot Acquisition Corp. stock price on Monday which ended trading at $8.26
(Updated on Jun 17, 2024)
The Arrowroot Acquisition Corp. stock price gained 6.03% on the last trading day (Monday, 17th Jun 2024), rising from $7.79 to $8.26. During the last trading day the stock fluctuated 14.79% from a day low at $7.61 to a day high of $8.73. The price has been going up and down for this period, and there has been a 41.92% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 178 thousand more shares were traded than the day before. In total, 407 thousand shares were bought and sold for approximately $3.36 million.
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 -33.78% during the next 3 months and, with a 90% probability hold a price between $1.80 and $8.84 at the end of this 3-month period.
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AILE Signals & Forecast
Mostly positive signals in the chart today. The Arrowroot Acquisition Corp. 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 $6.74 and $6.70. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 22, 2024, and so far it has risen 77.63%. 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 Arrowroot Acquisition Corp. stock
On the downside, the stock finds support just below today's level from accumulated volume at $7.25 and $7.00. There is a 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, Arrowroot Acquisition Corp. finds support just below today's level at $7.25. If this is broken, then the next support from accumulated volume will be at $7.00 and $6.37.
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 $1.13 between high and low, or 14.79%. For the last week, the stock has had daily average volatility of 18.66%.
Our recommended stop-loss: $7.96 (-3.66%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (AILE) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Arrowroot Acquisition Corp. to open at $8.20, and during the day (based on 14 day Average True Range), to move between $7.17 and $9.35, which gives a possible trading interval of +/-$1.09 (+/-13.15%) up or down from last closing price. If Arrowroot Acquisition Corp. takes out the full calculated possible swing range there will be an estimated 26.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.89 (7.63%) than the support at $7.25 (12.23%), 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 Arrowroot Acquisition Corp. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 4.508 Buy Candidate Unchanged
Predicted Opening Price for Arrowroot Acquisition Corp. of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| $8.20 ( 0.747%) | $8.26 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AILE
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 9.32 | 12.87% |
| R2 | 8.89 | 7.67% |
| R1 | 8.63 | 4.46% |
| Price | 8.26 | |
| S1 | 7.77 | -5.95% |
| S2 | 7.50 | -9.16% |
| S3 | 7.07 | -14.37% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 10.00 | 21.07% |
| R2 | 8.97 | 8.60% |
| R1 | 8.89 | 7.63% |
| Price | 8.26 | |
| S1 | 7.25 | -12.23% |
| S2 | 7.00 | -15.25% |
| S3 | 6.37 | -22.88% |
FAQ
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