Akanda Corp. Stock Forecast
High volatility in Akanda Corp. stock price on Friday which ended trading at $0.103
(Updated on Apr 26, 2024)
The Akanda Corp. stock price gained 12.57% on the last trading day (Friday, 26th Apr 2024), rising from $0.0915 to $0.103. During the last trading day the stock fluctuated 16.80% from a day low at $0.0899 to a day high of $0.105. The price has been going up and down for this period, and there has been a -33.29% loss 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, 2 million more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $301.17 thousand.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.125 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -71.14% during the next 3 months and, with a 90% probability hold a price between $0.0024 and $0.0360 at the end of this 3-month period. 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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AKAN Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 14.83%. 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). Akanda Corp. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Akanda Corp. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.141. On a fall, the stock will find some support from the short-term average at $0.0937. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for Akanda Corp. stock
Akanda Corp. finds support from accumulated volume at $0.102 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 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 $0.0151 between high and low, or 16.80%. For the last week, the stock has had daily average volatility of 11.57%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AKAN) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Akanda Corp. to open at $0.0993, and during the day (based on 14 day Average True Range), to move between $0.0768 and $0.129, which gives a possible trading interval of +/-$0.0262 (+/-25.43%) up or down from last closing price. If Akanda Corp. takes out the full calculated possible swing range there will be an estimated 50.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.102 (0.97%) than the resistance at $0.113 (9.71%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Akanda Corp. stock A Buy?
Akanda Corp. 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -3.132 Sell Candidate Upgraded
Predicted Opening Price for Akanda Corp. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $0.0993 ( 3.59%) | $0.103 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AKAN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.114 | 11.07 % | |
| R2 | 0.109 | 5.47 % | ||
| R1 | 0.105 | 2.01 % | ||
| Current price: | 0.103 | |||
| Support | S1 | 0.0935 | -9.19 % | |
| S2 | 0.0900 | -12.65 % | ||
| S3 | 0.0842 | -18.25 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.128 | 23.88 % | |
| R2 | 0.117 | 13.20 % | ||
| R1 | 0.113 | 9.71 % | ||
| Current price | 0.103 | |||
| Support | S1 | 0.102 | -0.97% | |
| S2 | 0.0944 | -8.35% | ||
| S3 | 0.0913 | -11.36% |
FAQ
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