Draganfly Inc. Stock Forecast
Big movements in Draganfly Inc. stock price on Thursday moving 10.19% between high and low
(Updated on Apr 25, 2024)
The Draganfly Inc. stock price fell by -5.22% on the last day (Thursday, 25th Apr 2024) from $0.280 to $0.265. During the last trading day the stock fluctuated 10.19% from a day low at $0.263 to a day high of $0.290. The price has fallen in 6 of the last 10 days but is still up by 7.2% over the past 2 weeks. 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 -644 thousand shares and in total, 528 thousand shares were bought and sold for approximately $139.91 thousand.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.283 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -35.79% during the next 3 months and, with a 90% probability hold a price between $0.0313 and $0.182 at the end of this 3-month period. 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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DPRO Signals & Forecast
The Draganfly 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 $0.263 and $0.213. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, April 23, 2024, and so far it has fallen -7.96%. 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.
Support, Risk & Stop-loss for Draganfly Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.243 and $0.238. 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, Draganfly Inc. finds support just below today's level at $0.243. If this is broken, then the next support from accumulated volume will be at $0.238 and $0.208.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0268 between high and low, or 10.19%. For the last week the stock has had daily average volatility of 13.97%.
Our recommended stop-loss: $0.250 (-5.78%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (DPRO) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Draganfly Inc. to open at $0.273, and during the day (based on 14 day Average True Range), to move between $0.235 and $0.295, which gives a possible trading interval of +/-$0.0302 (+/-11.39%) up or down from last closing price. If Draganfly Inc. takes out the full calculated possible swing range there will be an estimated 22.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.280 (5.51%) than the support at $0.243 (8.27%), 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 Draganfly Inc. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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: 1.501 Buy Candidate Upgraded
Predicted Opening Price for Draganfly Inc. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $0.273 ( 2.92%) | $0.265 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DPRO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.299 | 13.04 % | |
| R2 | 0.289 | 9.17 % | ||
| R1 | 0.283 | 6.78 % | ||
| Current price: | 0.265 | |||
| Support | S1 | 0.262 | -0.95 % | |
| S2 | 0.256 | -3.33 % | ||
| S3 | 0.246 | -7.20 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0.288 | 8.64 % | ||
| R1 | 0.280 | 5.51 % | ||
| Current price | 0.265 | |||
| Support | S1 | 0.243 | -8.27% | |
| S2 | 0.238 | -10.15% | ||
| S3 | 0.208 | -21.67% |
FAQ
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