Basanite Inc Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Volatile ride for Basanite Inc stock price on Friday moving between $0.0093 and $0.0119
(Updated on May 17, 2024)
The Basanite Inc stock price gained 25.14% on the last trading day (Friday, 17th May 2024), rising from $0.0092 to $0.0115. During the last trading day the stock fluctuated 27.96% from a day low at $0.0093 to a day high of $0.0119. The price has fallen in 6 of the last 10 days but is still up by 7.01% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 47 thousand more shares were traded than the day before. In total, 131 thousand shares were bought and sold for approximately $1.50 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 -14.94% during the next 3 months and, with a 90% probability hold a price between $0.0073 and $0.0107 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
The Basanite Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0105 and $0.0113. A breakdown below any of these levels will issue sell signals. Basanite Inc 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. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, May 01, 2024, and so far it has fallen -11.92%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Basanite Inc stock
Basanite Inc finds support from accumulated volume at $0.0114 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 $0.0026 between high and low, or 27.96%. For the last week, the stock has had daily average volatility of 24.48%.
Our recommended stop-loss: $0.0108 (-5.93%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (BASA) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Basanite Inc to open at $0.0109, and during the day (based on 14 day Average True Range), to move between $0.0100 and $0.0129, which gives a possible trading interval of +/-$0.0015 (+/-12.97%) up or down from last closing price. If Basanite Inc takes out the full calculated possible swing range there will be an estimated 25.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0114 (0.44%) than the resistance at $0.0116 (1.31%), 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 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 Strong Sell to a Hold/Accumulate candidate.
Current score: 0.624 Hold/Accumulate Upgraded
Predicted Opening Price for Basanite Inc of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.0109 ( 4.95%) | $0.0115 |
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 | 0.0135 | 17.76 % | |
| R2 | 0.0125 | 9.08 % | ||
| R1 | 0.0119 | 3.73 % | ||
| Current price: | 0.0115 | |||
| Support | S1 | 0.0099 | -13.62 % | |
| S2 | 0.0093 | -18.98 % | ||
| S3 | 0.0083 | -27.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0120 | 4.80 % | |
| R2 | 0.0117 | 2.18 % | ||
| R1 | 0.0116 | 1.31 % | ||
| Current price | 0.0115 | |||
| Support | S1 | 0.0114 | -0.437% | |
| S2 | 0.0111 | -3.06% | ||
| S3 | 0.0093 | -18.78% |
FAQ
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