Enero Group Limited Stock Forecast

Red day on Tuesday for Enero Group Limited
(Updated on Apr 30, 2024)

EGG.AX Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 6.37%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Enero Group 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 $1.69. On a fall, the stock will find some support from the short-term average at $1.64. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Enero Group Limited stock

Enero Group Limited finds support from accumulated volume at $1.61 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0700 between high and low, or 4.22%. For the last week the stock has had daily average volatility of 4.26%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (EGG.AX) For The Upcoming Trading Day Of Wednesday 1st

For the upcoming trading day on Wednesday, 1st we expect Enero Group Limited to open at $1.69, and during the day (based on 14 day Average True Range), to move between $1.60 and $1.74, which gives a possible trading interval of +/-$0.0695 (+/-4.16%) up or down from last closing price. If Enero Group Limited takes out the full calculated possible swing range there will be an estimated 8.32% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $1.68 (0.60%) than the support at $1.61 (3.59%), 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 Enero Group Limited stock A Buy?

Enero Group Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.

Current score: -2.484 Sell Candidate Unchanged

Predicted Opening Price for Enero Group Limited of Wednesday, May 1, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.