Eden Innovations Ltd Stock Forecast
High volatility in Eden Innovations Ltd stock price on Thursday which ended trading at $0.0010
(Updated on May 23, 2024)
The Eden Innovations Ltd stock price fell by -50.00% on the last day (Thursday, 23rd May 2024) from $0.0020 to $0.0010. During the last trading day the stock fluctuated 100.00% from a day low at $0.0010 to a day high of $0.0020. The price has been going up and down for this period, and there has been a -50% loss for the last 2 weeks. Volume has increased on the last day by 3 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 6 million shares were bought and sold for approximately $6.08 thousand.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.0009 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -8.04% during the next 3 months and, with a 90% probability hold a price between $0.0009 and $0.0018 at the end of this 3-month period.
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EDE.AX 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 Eden Innovations Ltd 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 $0.0019 and $0.0019. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 22, 2024, and so far it has fallen -50.00%. Further fall is indicated until a new bottom pivot has been found. Eden Innovations Ltd gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Eden Innovations Ltd stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0010 between high and low, or 100.00%. For the last week, the stock has had daily average volatility of 100.00%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (EDE.AX) For The Upcoming Trading Day Of Friday 24th
For the upcoming trading day on Friday, 24th we expect Eden Innovations Ltd to open at $0.0013, and during the day (based on 14 day Average True Range), to move between $0.0003 and $0.0017, which gives a possible trading interval of +/-$0.0007 (+/-69.58%) up or down from last closing price. If Eden Innovations Ltd takes out the full calculated possible swing range there will be an estimated 139.16% move between the lowest and the highest trading price during the day.
Is Eden Innovations Ltd stock A Buy?
Eden Innovations Ltd holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -6.986 Strong Sell Candidate Downgraded
Predicted Opening Price for Eden Innovations Ltd of Friday, May 24, 2024
| Fair opening price May 24, 2024 | Current price |
|---|---|
| $0.0013 ( 33.33%) | $0.0010 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EDE.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0023 | 133.33 % | |
| R2 | 0.0020 | 95.13 % | ||
| R1 | 0.0017 | 71.53 % | ||
| Current price: | 0.0010 | |||
| Support | S1 | 0.0010 | -4.87 % | |
| S2 | 0.0007 | -28.47 % | ||
| S3 | 0.0003 | -66.67 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.0010 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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