Stronger technical forecast for American Superconductor Corporation stock price after Friday trading.
(Updated on Dec 08, 2023)
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The stock lies in the upper part of a very wide and strong rising 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 $10.49 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 32.25% during the next 3 months and, with a 90% probability hold a price between $9.48 and $13.87 at the end of this 3-month period.
AMSC Signals & Forecast
The American Superconductor Corporation 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 $9.84 and $8.20. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, October 23, 2023, and so far it has risen 71.53%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
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Support, Risk & Stop-loss for American Superconductor Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $8.95 and $7.75. 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, American Superconductor Corporation finds support just below today's level at $8.95. If this is broken, then the next support from accumulated volume will be at $7.75 and $7.73.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.450 between high and low, or 4.69%. For the last week, the stock has had daily average volatility of 4.00%.
Our recommended stop-loss: $9.63 (-3.74%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 33 days ago.)
Trading Expectations (AMSC) For The Upcoming Trading Day Of Monday 11th
For the upcoming trading day on Monday, 11th we expect American Superconductor Corporation to open at $9.88, and during the day (based on 14 day Average True Range), to move between $9.56 and $10.44, which gives a possible trading interval of +/-$0.444 (+/-4.44%) up or down from last closing price. If American Superconductor Corporation takes out the full calculated possible swing range there will be an estimated 8.87% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $8.95, some $1.05 (10.50%) from the current price of $10.00, our system finds the risk reward attractive.
Is American Superconductor Corporation stock A Buy?
American Superconductor Corporation holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.014 Open Broker AccountStrong Buy Candidate Upgraded
Predicted Opening Price for American Superconductor Corporation of Monday, December 11, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price December 11, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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