EL.En. S.p.A. Stock Forecast

Red day on Tuesday for EL.En. S.p.A. stock after losing 1.03%
(Updated on May 21, 2024)

ELN.MI Signals & Forecast

There are few to no technical positive signals at the moment. The EL.En. S.p.A. 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 10.56€ and 11.45€. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -21.26%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for EL.En. S.p.A. stock

On the downside, the stock finds support just below today's level from accumulated volume at 8.67€ and 8.62€. 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, EL.En. S.p.A. finds support just below today's level at 8.67€. If this is broken, then the next support from accumulated volume will be at 8.62€ and 8.49€.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved 0.400€ between high and low, or 4.27%. For the last week, the stock has had daily average volatility of 5.85%.

EL.En. S.p.A. is oversold on RSI14 (15). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

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

Trading Expectations (ELN.MI) For The Upcoming Trading Day Of Wednesday 22nd

For the upcoming trading day on Wednesday, 22nd we expect EL.En. S.p.A. to open at 9.58€, and during the day (based on 14 day Average True Range), to move between 9.18€ and 10.08€, which gives a possible trading interval of +/-0.452€ (+/-4.69%) up or down from last closing price. If EL.En. S.p.A. takes out the full calculated possible swing range there will be an estimated 9.38% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at 9.77€ (1.45%) than the support at 8.67€ (9.97%), 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 EL.En. S.p.A. stock A Buy?

The EL.En. S.p.A. stock holds several negative signals and despite the positive trend, we believe EL.En. S.p.A. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Current score: -1.433 Sell Candidate Unchanged

Predicted Opening Price for EL.En. S.p.A. of Wednesday, May 22, 2024

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