Abu Dhabi National Co for Building Stock Forecast
Stronger technical forecast for Abu Dhabi National Co for Building stock price after Wednesday trading.
(Updated on Jun 26, 2024)
The Abu Dhabi National Co for Building stock price gained 2.18% on the last trading day (Wednesday, 26th Jun 2024), rising from $0.367 to $0.375. During the last trading day the stock fluctuated 2.70% from a day low at $0.370 to a day high of $0.380. The price has been going up and down for this period, and there has been a 34.41% gain for the last 2 weeks. Volume fell on the last day by -460 thousand shares and in total, 737 thousand shares were bought and sold for approximately $276.20 thousand. 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.
Given the current short-term trend, the stock is expected to rise 33.48% during the next 3 months and, with a 90% probability hold a price between $0.327 and $0.501 at the end of this 3-month period.
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BILDCO.UH Signals & Forecast
The Abu Dhabi National Co for Building 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 $0.320 and $0.253. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 22, 2024, and so far it has risen 84.73%. Further rise is indicated until a new top pivot has been found. 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. 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 also not.
Support, Risk & Stop-loss for Abu Dhabi National Co for Building stock
Abu Dhabi National Co for Building finds support from accumulated volume at $0.367 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 very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0100 between high and low, or 2.70%. For the last week the stock has had daily average volatility of 1.79%.
The Abu Dhabi National Co for Building stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $0.365 (-2.58%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 96 and this increases the risk substantially. There is a buy signal from a pivot bottom found 25 days ago.)
Trading Expectations (BILDCO.UH) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Abu Dhabi National Company for Building Materials - Buldco to open at $0.375, and during the day (based on 14 day Average True Range), to move between $0.360 and $0.390, which gives a possible trading interval of +/-$0.0155 (+/-4.13%) up or down from last closing price. If Abu Dhabi National Company for Building Materials - Buldco takes out the full calculated possible swing range there will be an estimated 8.25% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.367, some $0.0080 (2.13%) from the current price of $0.375, our system finds the risk reward attractive.
Is Abu Dhabi National Company for Building Materials - Buldco stock A Buy?
Abu Dhabi National Co for Building 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 Hold/Accumulate to a Strong Buy candidate.
Current score: 7.025 Strong Buy Candidate Upgraded
Predicted Opening Price for Abu Dhabi National Company for Building Materials - Buldco of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| $0.375 ( 0%) | $0.375 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BILDCO.UH
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.385 | 2.67% |
| R2 | 0.381 | 1.65% |
| R1 | 0.379 | 1.02% |
| Price | 0.375 | |
| S1 | 0.371 | -1.02% |
| S2 | 0.369 | -1.65% |
| S3 | 0.365 | -2.67% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 0.375 | |
| S1 | 0.367 | -2.13% |
| S2 | 0.300 | -20.00% |
| S3 | 0.283 | -24.53% |
FAQ
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