Elsight Limited Stock Forecast

Weaker technical forecast for Elsight Limited as stock downgraded to Hold/Accumulate.
(Updated on May 31, 2024)

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 $0.384 and $0.380. A breakdown below any of these levels will issue sell signals. 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 Thursday, May 30, 2024, and so far it has fallen 0%. 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 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.

Buy

Special Signal Notification

Double Bottom Formation

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, June 03, 2024).

Support, Risk & Stop-loss for Elsight Limited stock

Elsight Limited finds support from accumulated volume at $0.390 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 $0.0200 between high and low, or 5.13%. For the last week the stock has had daily average volatility of 6.86%.

Our recommended stop-loss: $0.385 (-3.78%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 7 days ago.)

Trading Expectations (ELS.AX) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect Elsight Limited to open at $0.400, and during the day (based on 14 day Average True Range), to move between $0.381 and $0.419, which gives a possible trading interval of +/-$0.0195 (+/-4.87%) up or down from last closing price. If Elsight Limited takes out the full calculated possible swing range there will be an estimated 9.73% 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 $0.390 (2.50%), 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?

Elsight Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.142 Hold/Accumulate Downgraded

Predicted Opening Price for Elsight Limited of Monday, June 3, 2024

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