Burtech Acquisition Corp. Stock Forecast
Burtech Acquisition Corp. stock downgraded to Hold/Accumulate
(Updated on Jun 26, 2024)
The Burtech Acquisition Corp. stock price fell by -0.357% on the last day (Wednesday, 26th Jun 2024) from $11.19 to $11.15. During the last trading day the stock fluctuated 0% from a day low at $11.15 to a day high of $11.15. The price has fallen in 5 of the last 10 days and is down by -0.09% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -3 thousand shares and in total, 1 thousand shares were bought and sold for approximately $15.65 thousand.
The stock is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Burtech Acquisition Corp. stock with a 90% probability to be traded between $11.18 and $11.36 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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BRKH Signals & Forecast
The Burtech 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 $11.14 and $11.13. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Tuesday, June 25, 2024, and so far it has fallen -0.357%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Burtech Acquisition Corp. stock
Burtech Acquisition Corp. finds support from accumulated volume at $11.12 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 0.108%
Our recommended stop-loss: $10.38 (-6.94%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 42 days ago.)
Trading Expectations (BRKH) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Burtech Acquisition Corp. to open at $11.15, and during the day (based on 14 day Average True Range), to move between $11.09 and $11.21, which gives a possible trading interval of +/-$0.0613 (+/-0.55%) up or down from last closing price. If Burtech Acquisition Corp. takes out the full calculated possible swing range there will be an estimated 1.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.16 (0.09%) than the support at $11.12 (0.27%), 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 Burtech Acquisition Corp. stock A Buy?
Burtech 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: 0.378 Hold/Accumulate Downgraded
Predicted Opening Price for Burtech Acquisition Corp. of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| $11.15 ( 0%) | $11.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BRKH
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 11.15 | - |
| R2 | 11.15 | - |
| R1 | 11.15 | - |
| Price | 11.15 | |
| S1 | 11.15 | - |
| S2 | 11.15 | - |
| S3 | 11.15 | - |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 11.19 | 0.359% |
| R2 | 11.17 | 0.179% |
| R1 | 11.16 | 0.0897% |
| Price | 11.15 | |
| S1 | 11.12 | -0.269% |
| S2 | 11.08 | -0.628% |
| S3 | 11.00 | -1.35% |
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