Bynd Cannasoft Enterprises Inc. Common Stock Forecast
Evaluation of Bynd Cannasoft Enterprises Inc. Common stock downgraded after the last trading session.
(Updated on Jun 28, 2024)
The Bynd Cannasoft Enterprises Inc. Common stock price fell by -3.49% on the last day (Friday, 28th Jun 2024) from $0.645 to $0.622. During the last trading day the stock fluctuated 4.76% from a day low at $0.615 to a day high of $0.644. The price has fallen in 6 of the last 10 days and is down by -10.95% for this period. Volume has increased on the last day by 149 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, 344 thousand shares were bought and sold for approximately $214.00 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 -24.52% during the next 3 months and, with a 90% probability hold a price between $0.302 and $0.95 at the end of this 3-month period.
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BCAN Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Bynd Cannasoft Enterprises Inc. Common 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 $0.661 and $0.84. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 16, 2024, and so far it has fallen -57.08%. Further fall is indicated until a new bottom pivot has been found. Bynd Cannasoft Enterprises Inc. Common 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".
Support, Risk & Stop-loss for Bynd Cannasoft Enterprises Inc. Common stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0293 between high and low, or 4.76%. For the last week, the stock has had daily average volatility of 6.43%.
Bynd Cannasoft Enterprises Inc. Common is oversold on RSI14 (14). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BCAN) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Bynd Cannasoft Enterprises Inc. Common Stock to open at $0.627, and during the day (based on 14 day Average True Range), to move between $0.542 and $0.703, which gives a possible trading interval of +/-$0.0808 (+/-12.98%) up or down from last closing price. If Bynd Cannasoft Enterprises Inc. Common Stock takes out the full calculated possible swing range there will be an estimated 25.96% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.720, some $0.0977 (15.70%) from the current price of $0.622, our system finds the risk reward not very attractive.
Is Bynd Cannasoft Enterprises Inc. Common Stock stock A Buy?
Bynd Cannasoft Enterprises Inc. Common 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.021 Strong Sell Candidate Downgraded
Predicted Opening Price for Bynd Cannasoft Enterprises Inc. Common Stock of Monday, July 1, 2024
Fair opening price July 1, 2024 | Current price |
---|---|
$0.627 ( 0.777%) | $0.622 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BCAN
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.657 | 5.48% |
R2 | 0.645 | 3.69% |
R1 | 0.638 | 2.57% |
Price | 0.622 | |
S1 | 0.616 | -1.02% |
S2 | 0.609 | -2.13% |
S3 | 0.598 | -3.93% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.770 | 23.71% |
R2 | 0.750 | 20.49% |
R1 | 0.720 | 15.70% |
Price | 0.622 | |
S1 | 0 | - |
S2 | 0 | - |
S3 | 0 | - |
FAQ
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