Cipher Mining Inc. Stock Forecast
Volatile ride for Cipher Mining Inc. stock price on Friday moving between $1.05 and $1.24
(Updated on May 03, 2024)
The Cipher Mining Inc. stock price gained 8.91% on the last trading day (Friday, 3rd May 2024), rising from $1.01 to $1.10. During the last trading day the stock fluctuated 18.10% from a day low at $1.05 to a day high of $1.24. The price has fallen in 5 of the last 10 days and is down by -4.35% for this period. Volume fell on the last day by -17 thousand shares and in total, 87 thousand shares were bought and sold for approximately $96.17 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 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 11.72% during the next 3 months and, with a 90% probability hold a price between $1.03 and $1.89 at the end of this 3-month period.
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CIFRW Signals & Forecast
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 Cipher Mining Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $1.11 and $1.21. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 25, 2024, and so far it has fallen -31.68%. Further fall is indicated until a new bottom pivot has been found. 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 Cipher Mining Inc. stock
Cipher Mining Inc. finds support from accumulated volume at $1.09 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 very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.190 between high and low, or 18.10%. For the last week the stock has had daily average volatility of 25.34%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CIFRW) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Cipher Mining Inc. to open at $1.13, and during the day (based on 14 day Average True Range), to move between $0.88 and $1.32, which gives a possible trading interval of +/-$0.215 (+/-19.57%) up or down from last closing price. If Cipher Mining Inc. takes out the full calculated possible swing range there will be an estimated 39.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.09 (0.92%) than the resistance at $1.13 (2.73%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cipher Mining Inc. stock A Buy?
The Cipher Mining Inc. stock holds several negative signals and despite the positive trend, we believe Cipher Mining Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.494 Sell Candidate Unchanged
Predicted Opening Price for Cipher Mining Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $1.13 ( 2.73%) | $1.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CIFRW
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.32 | 20.00 % | |
| R2 | 1.25 | 13.40 % | ||
| R1 | 1.20 | 9.33 % | ||
| Current price: | 1.10 | |||
| Support | S1 | 1.06 | -3.87 % | |
| S2 | 1.01 | -7.95 % | ||
| S3 | 0.94 | -14.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.22 | 10.45 % | |
| R2 | 1.17 | 6.36 % | ||
| R1 | 1.13 | 2.73 % | ||
| Current price | 1.10 | |||
| Support | S1 | 1.09 | -0.92% | |
| S2 | 1.04 | -5.45% | ||
| S3 | 1.00 | -9.09% |
FAQ
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