Elsight Limited Stock Forecast
Elsight Limited stock price ended at $0.400 on Friday, after gaining 1.27%.
(Updated on May 17, 2024)
The Elsight Limited stock price gained 1.27% on the last trading day (Friday, 17th May 2024), rising from $0.395 to $0.400. During the last trading day the stock fluctuated 6.67% from a day low at $0.375 to a day high of $0.400. The price has been going up and down for this period, and there has been a 0% change for the last 2 weeks. Volume fell on the last day by -36 thousand shares and in total, 8 thousand shares were bought and sold for approximately $3.39 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 8.57% during the next 3 months and, with a 90% probability hold a price between $0.395 and $0.463 at the end of this 3-month period.
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ELS.AX Signals & Forecast
The Elsight Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.392 and $0.379. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -1.23%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
A buy signal from a double bottom formation was found on Thursday, April 11, 2024 and based on theory for this formation the price should go up by 1.62% to $0.406 within 17 trading days since signal was issued (Monday, May 20, 2024).
Support, Risk & Stop-loss for Elsight Limited stock
Elsight Limited finds support from accumulated volume at $0.385 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 $0.0250 between high and low, or 6.67%. For the last week the stock has had daily average volatility of 5.02%.
Our recommended stop-loss: $0.385 (-3.84%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (ELS.AX) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Elsight Limited to open at $0.392, and during the day (based on 14 day Average True Range), to move between $0.380 and $0.420, which gives a possible trading interval of +/-$0.0200 (+/-4.99%) up or down from last closing price. If Elsight Limited takes out the full calculated possible swing range there will be an estimated 9.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.405 (1.25%) than the support at $0.385 (3.75%), 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 Elsight Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Elsight Limited stock to perform well in the short-term.
Current score: 1.666 Buy Candidate Unchanged
Predicted Opening Price for Elsight Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.392 ( 2.08%) | $0.400 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 0.417 | 4.17 % | |
| R2 | 0.407 | 1.78 % | ||
| R1 | 0.401 | 0.304 % | ||
| Current price: | 0.400 | |||
| Support | S1 | 0.382 | -4.47 % | |
| S2 | 0.376 | -5.95 % | ||
| S3 | 0.367 | -8.33 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0.410 | 2.50 % | ||
| R1 | 0.405 | 1.25 % | ||
| Current price | 0.400 | |||
| Support | S1 | 0.385 | -3.75% | |
| S2 | 0.380 | -5.00% | ||
| S3 | 0.355 | -11.25% |
FAQ
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