Black Ridge Acquisition Corp. Stock Forecast
Green day on Wednesday for Black Ridge Acquisition Corp. stock after gaining 1.59%
(Updated on Jun 26, 2024)
The Black Ridge Acquisition Corp. stock price gained 1.59% on the last trading day (Wednesday, 26th Jun 2024), rising from $11.32 to $11.50. During the last trading day the stock fluctuated 0.96% from a day low at $11.40 to a day high of $11.51. The price has been going up and down for this period, and there has been a 1.95% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 thousand more shares were traded than the day before. In total, 6 thousand shares were bought and sold for approximately $65.65 thousand.
The stock has broken the narrow and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $11.43 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $11.54 sometime during the next 3 months.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
BRAC Signals & Forecast
The Black Ridge Acquisition Corp. 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 $11.38 and $11.32. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 21, 2024, and so far it has risen 1.59%. 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). Black Ridge Acquisition Corp. 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.
Support, Risk & Stop-loss for Black Ridge Acquisition Corp. stock
Black Ridge Acquisition Corp. finds support from accumulated volume at $11.42 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 $0.110 between high and low, or 0.96%. For the last week the stock has had daily average volatility of 0.193%.
Our recommended stop-loss: $10.92 (-5.03%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (BRAC) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Black Ridge Acquisition Corp. to open at $11.47, and during the day (based on 14 day Average True Range), to move between $11.45 and $11.55, which gives a possible trading interval of +/-$0.0481 (+/-0.42%) up or down from last closing price. If Black Ridge Acquisition Corp. takes out the full calculated possible swing range there will be an estimated 0.84% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $11.42, some $0.0800 (0.70%) from the current price of $11.50, our system finds the risk reward attractive.
Is Black Ridge Acquisition Corp. stock A Buy?
Black Ridge 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Black Ridge Acquisition Corp. of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| $11.47 ( 0.261%) | $11.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BRAC
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 11.58 | 0.696% |
| R2 | 11.54 | 0.330% |
| R1 | 11.51 | 0.105% |
| Price | 11.50 | |
| S1 | 11.43 | -0.626% |
| S2 | 11.40 | -0.85% |
| S3 | 11.36 | -1.22% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 11.50 | |
| S1 | 11.42 | -0.696% |
| S2 | 11.40 | -0.87% |
| S3 | 11.28 | -1.91% |
FAQ
Click here for our free guide on how to buy Black Ridge Acquisition Corp. Stock.
