Dada Nexus Limited Stock Forecast
Stronger technical forecast for Dada Nexus Limited stock price after Monday trading.
(Updated on Apr 22, 2024)
The Dada Nexus Limited stock price gained 2.15% on the last trading day (Monday, 22nd Apr 2024), rising from $1.86 to $1.90. It has now gained 3 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 5.32% from a day low at $1.88 to a day high of $1.98. The price has risen in 7 of the last 10 days but is still down by -3.06% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $4.15 million.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1.75 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 3.37% during the next 3 months and, with a 90% probability hold a price between $1.81 and $2.69 at the end of this 3-month period.
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DADA Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 3.83%. 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). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Dada Nexus Limited 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 $2.18. On a fall, the stock will find some support from the short-term average at $1.88. 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.
Support, Risk & Stop-loss for Dada Nexus Limited stock
Dada Nexus Limited finds support from accumulated volume at $1.89 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 $0.100 between high and low, or 5.32%. For the last week, the stock has had daily average volatility of 4.84%.
Our recommended stop-loss: $1.81 (-5.00%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (DADA) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Dada Nexus Limited to open at $1.92, and during the day (based on 14 day Average True Range), to move between $1.77 and $2.03, which gives a possible trading interval of +/-$0.131 (+/-6.91%) up or down from last closing price. If Dada Nexus Limited takes out the full calculated possible swing range there will be an estimated 13.82% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.89 (0.53%) than the resistance at $2.06 (8.42%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Dada Nexus Limited stock A Buy?
Dada Nexus Limited 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: -0.648 Hold/Accumulate Upgraded
Predicted Opening Price for Dada Nexus Limited of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $1.92 ( 1.05%) | $1.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DADA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.02 | 6.32 % | |
| R2 | 1.98 | 4.31 % | ||
| R1 | 1.96 | 3.06 % | ||
| Current price: | 1.90 | |||
| Support | S1 | 1.88 | -0.96 % | |
| S2 | 1.86 | -2.20 % | ||
| S3 | 1.82 | -4.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.21 | 16.32 % | |
| R2 | 2.18 | 14.74 % | ||
| R1 | 2.06 | 8.42 % | ||
| Current price | 1.90 | |||
| Support | S1 | 1.89 | -0.526% | |
| S2 | 1.74 | -8.42% | ||
| S3 | 1.68 | -11.58% |
FAQ
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