Cipher Mining Inc. Stock Forecast
Cipher Mining Inc. stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Apr 26, 2024)
The Cipher Mining Inc. stock price gained 1.58% on the last trading day (Friday, 26th Apr 2024), rising from $4.43 to $4.50. During the last trading day the stock fluctuated 5.12% from a day low at $4.40 to a day high of $4.62. The price has risen in 6 of the last 10 days and is up by 17.65% over the past 2 weeks. Volume fell on the last day by -3 million shares and in total, 3 million shares were bought and sold for approximately $15.48 million. 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 strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 38.18% during the next 3 months and, with a 90% probability hold a price between $4.93 and $8.13 at the end of this 3-month period.
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CIFR Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -15.57%. 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). The Cipher Mining Inc. 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 $4.35 and $4.18. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Cipher Mining Inc. stock
Cipher Mining Inc. finds support from accumulated volume at $4.29 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.225 between high and low, or 5.12%. For the last week, the stock has had daily average volatility of 10.07%.
Our recommended stop-loss: $4.33 (-3.73%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 21 days ago.)
Trading Expectations (CIFR) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Cipher Mining Inc. to open at $4.51, and during the day (based on 14 day Average True Range), to move between $4.06 and $4.94, which gives a possible trading interval of +/-$0.440 (+/-9.77%) up or down from last closing price. If Cipher Mining Inc. takes out the full calculated possible swing range there will be an estimated 19.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.55 (1.11%) than the support at $4.29 (4.67%), 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 Cipher Mining Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Cipher Mining Inc. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.924 Buy Candidate Upgraded
Predicted Opening Price for Cipher Mining Inc. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $4.51 ( 0.111%) | $4.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CIFR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.73 | 5.11 % | |
| R2 | 4.64 | 3.20 % | ||
| R1 | 4.59 | 2.02 % | ||
| Current price: | 4.50 | |||
| Support | S1 | 4.42 | -1.80 % | |
| S2 | 4.37 | -2.98 % | ||
| S3 | 4.28 | -4.89 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.26 | 16.89 % | |
| R2 | 5.15 | 14.44 % | ||
| R1 | 4.55 | 1.11 % | ||
| Current price | 4.50 | |||
| Support | S1 | 4.29 | -4.67% | |
| S2 | 4.20 | -6.67% | ||
| S3 | 3.50 | -22.22% |
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