Basanite Inc Stock Forecast
High volatility in Basanite Inc stock price on Friday which ended trading at $0.0107
(Updated on May 03, 2024)
The Basanite Inc stock price gained 7.00% on the last trading day (Friday, 3rd May 2024), rising from $0.0100 to $0.0107. During the last trading day the stock fluctuated 12.15% from a day low at $0.0107 to a day high of $0.0120. The price has risen in 6 of the last 10 days but is still down by -10.83% for this period. Volume fell on the last day by -15 thousand shares and in total, 67 thousand shares were bought and sold for approximately $717.98 . You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 -19.86% during the next 3 months and, with a 90% probability hold a price between $0.0070 and $0.0105 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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BASA Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 7.00%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Basanite Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.0110 and $0.0114. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Basanite Inc stock
Basanite Inc finds support from accumulated volume at $0.0103 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0013 between high and low, or 12.15%. For the last week the stock has had daily average volatility of 13.07%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BASA) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Basanite Inc to open at $0.0111, and during the day (based on 14 day Average True Range), to move between $0.0093 and $0.0121, which gives a possible trading interval of +/-$0.0014 (+/-13.52%) up or down from last closing price. If Basanite Inc takes out the full calculated possible swing range there will be an estimated 27.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0103 (3.74%) than the resistance at $0.0114 (6.54%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Basanite Inc stock A Buy?
Basanite Inc holds several negative signals and is within a very wide and falling trend, so we believe 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: -1.623 Sell Candidate Upgraded
Predicted Opening Price for Basanite Inc of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.0111 ( 4.05%) | $0.0107 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BASA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0124 | 16.20 % | |
| R2 | 0.0119 | 11.56 % | ||
| R1 | 0.0116 | 8.69 % | ||
| Current price: | 0.0107 | |||
| Support | S1 | 0.0106 | -0.591 % | |
| S2 | 0.0103 | -3.46 % | ||
| S3 | 0.0098 | -8.10 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0130 | 21.50 % | |
| R2 | 0.0120 | 12.15 % | ||
| R1 | 0.0114 | 6.54 % | ||
| Current price | 0.0107 | |||
| Support | S1 | 0.0103 | -3.74% | |
| S2 | 0.0100 | -6.54% | ||
| S3 | 0.0092 | -14.02% |
FAQ
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