Digital Health Acquisition Corp. Stock Forecast
Big movements in Digital Health Acquisition Corp. stock price on Thursday moving 11.06% between high and low
(Updated on Jun 20, 2024)
The Digital Health Acquisition Corp. stock price gained 17.59% on the last trading day (Thursday, 20th Jun 2024), rising from $0.170 to $0.200. During the last trading day the stock fluctuated 11.06% from a day low at $0.180 to a day high of $0.200. The price has risen in 5 of the last 10 days and is up by 22.04% over the past 2 weeks. Volume fell on the last day by -71 thousand shares and in total, 25 thousand shares were bought and sold for approximately $5.10 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.
Given the current horizontal trend, you can expect Digital Health Acquisition Corp. stock with a 90% probability to be traded between $0.0791 and $0.198 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. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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DHACW Signals & Forecast
The Digital Health Acquisition Corp. 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 $0.158 and $0.149. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 146.79%. 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. 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 Digital Health Acquisition Corp. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.164 and $0.160. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Digital Health Acquisition Corp. finds support just below today's level at $0.164. If this is broken, then the next support from accumulated volume will be at $0.160 and $0.150.
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 $0.0199 between high and low, or 11.06%. For the last week the stock has had daily average volatility of 12.55%.
The Digital Health Acquisition Corp. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $0.194 (-2.98%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 32 days ago.)
Trading Expectations (DHACW) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Digital Health Acquisition Corp. to open at $0.193, and during the day (based on 14 day Average True Range), to move between $0.165 and $0.235, which gives a possible trading interval of +/-$0.0350 (+/-17.52%) up or down from last closing price. If Digital Health Acquisition Corp. takes out the full calculated possible swing range there will be an estimated 35.04% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.164, some $0.0361 (18.06%) from the current price of $0.200, our system finds the risk reward attractive.
Is Digital Health Acquisition Corp. stock A Buy?
Digital Health Acquisition Corp. 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Digital Health Acquisition Corp. of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $0.193 ( 3.32%) | $0.200 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DHACW
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.213 | 6.64% |
| R2 | 0.206 | 2.83% |
| R1 | 0.201 | 0.484% |
| Price | 0.200 | |
| S1 | 0.186 | -7.12% |
| S2 | 0.181 | -9.47% |
| S3 | 0.173 | -13.27% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 0.200 | |
| S1 | 0.164 | -18.06% |
| S2 | 0.160 | -19.96% |
| S3 | 0.150 | -24.96% |
FAQ
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