Bannix Acquisition Corp. Stock Forecast
Bannix Acquisition Corp. stock downgraded to Hold/Accumulate
(Updated on Jun 28, 2024)
The Bannix Acquisition Corp. stock price fell by -0.227% on the last day (Friday, 28th Jun 2024) from $11.03 to $11.00. During the last trading day the stock fluctuated 0.0909% from a day low at $11.00 to a day high of $11.01. The price has been going up and down for this period, and there has been a -0.27% loss for the last 2 weeks. Volume has increased on the last day by 569 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, 2 thousand shares were bought and sold for approximately $21.42 thousand.
The stock has broken the narrow and horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $11.01 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
BNIX Signals & Forecast
The Bannix Acquisition Corp. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $11.02. On a fall, the stock will find some support from the long-term average at approximately $11.00. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Wednesday, June 26, 2024, and so far it has fallen 0%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Bannix Acquisition Corp. 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.
Support, Risk & Stop-loss for Bannix Acquisition Corp. stock
Bannix Acquisition Corp. finds support from accumulated volume at $10.99 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.0100 between high and low, or 0.0909%. For the last week the stock has had daily average volatility of 0.118%.
Bannix Acquisition Corp. is oversold on RSI14 (21). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $10.39 (-5.58%) (This stock has low daily movements and this gives low risk. Low RSI14 is 21 which reduces the risk some. There is a buy signal from a pivot bottom found 14 days ago.)
Trading Expectations (BNIX) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Bannix Acquisition Corp. to open at $11.00, and during the day (based on 14 day Average True Range), to move between $10.96 and $11.04, which gives a possible trading interval of +/-$0.0370 (+/-0.34%) up or down from last closing price. If Bannix Acquisition Corp. takes out the full calculated possible swing range there will be an estimated 0.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.01 (0.09%) than the support at $10.99 (0.09%), 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 Bannix Acquisition Corp. stock A Buy?
Bannix Acquisition Corp. 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.936 Hold/Accumulate Downgraded
Predicted Opening Price for Bannix Acquisition Corp. of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $11.00 ( 0.0303%) | $11.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BNIX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 11.01 | 0.121% |
| R2 | 11.01 | 0.0865% |
| R1 | 11.01 | 0.0650% |
| Price | 11.00 | |
| S1 | 11.00 | -0.0044% |
| S2 | 11.00 | -0.0259% |
| S3 | 10.99 | -0.0606% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 11.05 | 0.455% |
| R2 | 11.03 | 0.273% |
| R1 | 11.01 | 0.0909% |
| Price | 11.00 | |
| S1 | 10.99 | -0.0909% |
| S2 | 10.95 | -0.455% |
| S3 | 10.94 | -0.545% |
FAQ
Click here for our free guide on how to buy Bannix Acquisition Corp. Stock.
