Elixinol Global Limited Stock Forecast

Volatile ride for Elixinol Global Limited stock price on Friday moving between $0.0045 and $0.0054
(Updated on May 17, 2024)

ELLXF Signals & Forecast

The Elixinol Global Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0035 and $0.0038. A breakdown below any of these levels will issue sell signals. Elixinol Global Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. 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 Wednesday, March 20, 2024, and so far it has fallen -73.00%. 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).

Support, Risk & Stop-loss for Elixinol Global Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.0050 and $0.0049. 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, Elixinol Global Limited finds support just below today's level at $0.0050. If this is broken, then the next support from accumulated volume will be at $0.0049 and $0.0045.

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 $0.0009 between high and low, or 20.00%. For the last week, the stock has had daily average volatility of 33.64%.

Our recommended stop-loss: $0.0051 (-5.80%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 41 days ago.)

Trading Expectations (ELLXF) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Elixinol Global Limited to open at $0.0051, and during the day (based on 14 day Average True Range), to move between $0.0037 and $0.0071, which gives a possible trading interval of +/-$0.0017 (+/-31.90%) up or down from last closing price. If Elixinol Global Limited takes out the full calculated possible swing range there will be an estimated 63.80% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0055 (1.85%) than the support at $0.0050 (7.41%), 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 Elixinol Global Limited 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 Strong Sell to a Buy candidate.

Current score: 3.710 Buy Candidate Upgraded

Predicted Opening Price for Elixinol Global Limited of Monday, May 20, 2024

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