Avicanna Inc. Stock Forecast
Avicanna Inc. stock upgraded to Hold/Accumulate.
(Updated on May 17, 2024)
The Avicanna Inc. stock price fell by -1.37% on the last day (Friday, 17th May 2024) from $0.365 to $0.360. During the last trading day the stock fluctuated 5.71% from a day low at $0.350 to a day high of $0.370. The price has been going up and down for this period, and there has been a 2.86% gain for the last 2 weeks. Volume has increased on the last day by 33 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, 33 thousand shares were bought and sold for approximately $11.88 thousand.
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 -26.72% during the next 3 months and, with a 90% probability hold a price between $0.210 and $0.333 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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AVCN.TO Signals & Forecast
There are mixed signals in the stock today. The Avicanna Inc. 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 $0.384. On a fall, the stock will find some support from the short-term average at $0.348. 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. A sell signal was issued from a pivot top point on Tuesday, May 14, 2024, and so far it has fallen -5.26%. Further fall is indicated until a new bottom pivot has been found. Avicanna Inc. 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". The very low volume increases the risk and reduces the other technical signals issued. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Avicanna Inc. stock
Avicanna Inc. finds support from accumulated volume at $0.350 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 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 $0.0200 between high and low, or 5.71%. For the last week, the stock has had daily average volatility of 7.82%.
Our recommended stop-loss: $0.343 (-4.85%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (AVCN.TO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Avicanna Inc. to open at $0.360, and during the day (based on 14 day Average True Range), to move between $0.327 and $0.393, which gives a possible trading interval of +/-$0.0333 (+/-9.25%) up or down from last closing price. If Avicanna Inc. takes out the full calculated possible swing range there will be an estimated 18.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.370 (2.78%) than the support at $0.350 (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 Avicanna Inc. stock A Buy?
Avicanna Inc. 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
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 Avicanna Inc. of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $0.360 ( 0.00000000%) | $0.360 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AVCN.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.380 | 5.56 % | |
| R2 | 0.372 | 3.43 % | ||
| R1 | 0.368 | 2.12 % | ||
| Current price: | 0.360 | |||
| Support | S1 | 0.352 | -2.12 % | |
| S2 | 0.348 | -3.43 % | ||
| S3 | 0.340 | -5.56 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.440 | 22.22 % | |
| R2 | 0.380 | 5.56 % | ||
| R1 | 0.370 | 2.78 % | ||
| Current price | 0.360 | |||
| Support | S1 | 0.350 | -2.78% | |
| S2 | 0.340 | -5.56% | ||
| S3 | 0.305 | -15.28% |
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