Chijet Motor Company, Inc. Stock Forecast
Volatile ride for Chijet Motor Company, Inc. stock price on Wednesday moving between $0.283 and $0.378
(Updated on Jun 26, 2024)
The Chijet Motor Company, Inc. stock price fell by -18.21% on the last day (Wednesday, 26th Jun 2024) from $0.390 to $0.319. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 33.76% from a day low at $0.283 to a day high of $0.378. The price has fallen in 6 of the last 10 days and is down by -3.04% 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 -38 thousand shares and in total, 144 thousand shares were bought and sold for approximately $45.96 thousand.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Chijet Motor Company, Inc. stock with a 90% probability to be traded between $0.255 and $0.542 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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CJET Signals & Forecast
There are few to no technical positive signals at the moment. The Chijet Motor Company, Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $0.390 and $0.384. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, June 21, 2024, and so far it has fallen -23.32%. 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 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 Chijet Motor Company, Inc. stock
Chijet Motor Company, Inc. finds support from accumulated volume at $0.312 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 $0.0954 between high and low, or 33.76%. For the last week the stock has had daily average volatility of 18.11%.
Our recommended stop-loss: $0.299 (-6.14%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 9 days ago.)
Trading Expectations (CJET) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Chijet Motor Company, Inc. to open at $0.327, and during the day (based on 14 day Average True Range), to move between $0.248 and $0.390, which gives a possible trading interval of +/-$0.0707 (+/-22.17%) up or down from last closing price. If Chijet Motor Company, Inc. takes out the full calculated possible swing range there will be an estimated 44.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.312 (2.23%) than the resistance at $0.370 (15.99%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Chijet Motor Company, Inc. stock A Buy?
Chijet Motor Company, Inc. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.559 Hold/Accumulate Unchanged
Predicted Opening Price for Chijet Motor Company, Inc. of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| $0.327 ( 2.36%) | $0.319 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CJET
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.422 | 32.27% |
| R2 | 0.385 | 20.84% |
| R1 | 0.363 | 13.79% |
| Price | 0.319 | |
| S1 | 0.290 | -9.06% |
| S2 | 0.268 | -16.12% |
| S3 | 0.231 | -27.54% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.396 | 24.14% |
| R2 | 0.387 | 21.32% |
| R1 | 0.370 | 15.99% |
| Price | 0.319 | |
| S1 | 0.312 | -2.23% |
| S2 | 0.290 | -9.09% |
| S3 | 0.249 | -21.94% |
FAQ
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