Elsight Limited Stock Forecast
Elsight Limited stock upgraded to Sell Candidate.
(Updated on Jul 02, 2024)
The Elsight Limited stock price fell by -3.41% on the last day (Tuesday, 2nd Jul 2024) from $0.440 to $0.425. During the last trading day the stock fluctuated 4.71% from a day low at $0.425 to a day high of $0.445. The price has fallen in 5 of the last 10 days and is down by -10.53% for this period. 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 -60 thousand shares and in total, 11 thousand shares were bought and sold for approximately $4.68 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.421 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 29.99% during the next 3 months and, with a 90% probability hold a price between $0.547 and $0.751 at the end of this 3-month period.
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ELS.AX Signals & Forecast
There are few to no technical positive signals at the moment. The Elsight Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $0.458 and $0.442. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, June 13, 2024, and so far it has fallen -22.73%. 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Elsight Limited stock
Elsight Limited finds support from accumulated volume at $0.405 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.0200 between high and low, or 4.71%. For the last week the stock has had daily average volatility of 5.01%.
Elsight Limited is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ELS.AX) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Elsight Limited to open at $0.432, and during the day (based on 14 day Average True Range), to move between $0.394 and $0.456, which gives a possible trading interval of +/-$0.0306 (+/-7.20%) up or down from last closing price. If Elsight Limited takes out the full calculated possible swing range there will be an estimated 14.40% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.405 (4.71%) than the resistance at $0.470 (10.59%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Elsight Limited stock A Buy?
The Elsight Limited stock holds several negative signals and despite the positive trend, we believe Elsight Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -4.025 Sell Candidate Upgraded
Predicted Opening Price for Elsight Limited of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $0.432 ( 1.57%) | $0.425 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELS.AX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.452 | 6.27% |
| R2 | 0.444 | 4.48% |
| R1 | 0.439 | 3.37% |
| Price | 0.425 | |
| S1 | 0.424 | -0.229% |
| S2 | 0.419 | -1.34% |
| S3 | 0.412 | -3.14% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.500 | 17.65% |
| R2 | 0.495 | 16.47% |
| R1 | 0.470 | 10.59% |
| Price | 0.425 | |
| S1 | 0.405 | -4.71% |
| S2 | 0.400 | -5.88% |
| S3 | 0.390 | -8.24% |
FAQ
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