Bynordic Acquisition Corporation Stock Forecast
Bynordic Acquisition Corporation stock downgraded to Hold/Accumulate
(Updated on Jun 21, 2024)
No changes to the price of Bynordic Acquisition Corporation stock on the last trading day (Friday, 21st Jun 2024). During the last trading day the stock fluctuated 0% from a day low at $11.23 to a day high of $11.23. The price has been going up and down for this period, and there has been a 0.09% gain for the last 2 weeks.
Given the current horizontal trend, you can expect Bynordic Acquisition Corporation stock with a 90% probability to be traded between $11.43 and $11.54 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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BYNO Signals & Forecast
The Bynordic Acquisition Corporation 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 $11.25. On a fall, the stock will find some support from the long-term average at approximately $11.20. 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. 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 Friday, May 31, 2024, and so far it has fallen -0.443%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Bynordic Acquisition Corporation stock
Bynordic Acquisition Corporation finds support from accumulated volume at $11.15 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 0.0534%
Our recommended stop-loss: $10.78 (-4.03%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 17 days ago.)
Trading Expectations (BYNO) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Bynordic Acquisition Corporation to open at $11.23, and during the day (based on 14 day Average True Range), to move between $11.21 and $11.25, which gives a possible trading interval of +/-$0.0247 (+/-0.22%) up or down from last closing price. If Bynordic Acquisition Corporation takes out the full calculated possible swing range there will be an estimated 0.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.25 (0.18%) than the support at $11.15 (0.71%), 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 Bynordic Acquisition Corporation stock A Buy?
Bynordic Acquisition Corporation 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: 0.000 Hold/Accumulate Downgraded
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 Bynordic Acquisition Corporation of Monday, June 24, 2024
Fair opening price June 24, 2024 | Current price |
---|---|
$11.23 ( 0.00000000%) | $11.23 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BYNO
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 11.23 | 0.00000000% |
R2 | 11.23 | 0.00000000% |
R1 | 11.23 | 0.00000000% |
Price | 11.23 | |
S1 | 11.23 | 0.00000000% |
S2 | 11.23 | 0.00000000% |
S3 | 11.23 | 0.00000000% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 11.28 | 0.445% |
R2 | 11.27 | 0.356% |
R1 | 11.25 | 0.178% |
Price | 11.23 | |
S1 | 11.15 | -0.712% |
S2 | 11.10 | -1.16% |
S3 | 11.09 | -1.25% |
FAQ
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