CBAK Energy Technology Inc. Stock Forecast
CBAK Energy Technology Inc. stock upgraded to Hold/Accumulate.
(Updated on Apr 23, 2024)
The CBAK Energy Technology Inc. stock price gained 4.94% on the last trading day (Tuesday, 23rd Apr 2024), rising from $0.96 to $1.01. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 6.25% from a day low at $0.96 to a day high of $1.02. The price has risen in 6 of the last 10 days and is up by 5.21% over the past 2 weeks. Volume fell on the last day by -54 thousand shares and in total, 49 thousand shares were bought and sold for approximately $49.14 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.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -5.61% during the next 3 months and, with a 90% probability hold a price between $0.781 and $1.08 at the end of this 3-month period.
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CBAT Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 08, 2024, and so far it has risen 20.37%. 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. The CBAK Energy Technology Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $1.02. On a fall, the stock will find some support from the short-term average at $0.95. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for CBAK Energy Technology Inc. stock
CBAK Energy Technology Inc. finds support from accumulated volume at $0.96 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0600 between high and low, or 6.25%. For the last week the stock has had daily average volatility of 6.03%.
Our recommended stop-loss: $0.97 (-3.58%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (CBAT) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect CBAK Energy Technology Inc. to open at $1.00, and during the day (based on 14 day Average True Range), to move between $0.94 and $1.08, which gives a possible trading interval of +/-$0.0672 (+/-6.65%) up or down from last closing price. If CBAK Energy Technology Inc. takes out the full calculated possible swing range there will be an estimated 13.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.04 (2.97%) than the support at $0.96 (4.95%), 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 CBAK Energy Technology Inc. stock A Buy?
CBAK Energy Technology Inc. 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.024 Hold/Accumulate Upgraded
Predicted Opening Price for CBAK Energy Technology Inc. of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $1.00 ( 1.33%) | $1.01 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CBAT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.06 | 4.61 % | |
| R2 | 1.03 | 2.34 % | ||
| R1 | 1.02 | 0.94 % | ||
| Current price: | 1.01 | |||
| Support | S1 | 0.97 | -3.60 % | |
| S2 | 0.96 | -5.00 % | ||
| S3 | 0.94 | -7.27 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.07 | 5.94 % | |
| R2 | 1.05 | 3.96 % | ||
| R1 | 1.04 | 2.97 % | ||
| Current price | 1.01 | |||
| Support | S1 | 0.96 | -4.95% | |
| S2 | 0.95 | -5.93% | ||
| S3 | 0.84 | -16.92% |
FAQ
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