Stronger technical forecast for Eltek Ltd. stock price after Friday trading.
(Updated on Nov 26, 2021)
Sell candidate since 2021-11-17 Loss -7.60% PDF
The Eltek Ltd. stock price fell by -1.19% on the last day (Friday, 26th Nov 2021) from $4.55 to $4.50. and has now fallen 8 days in a row. During the day the stock fluctuated 2.27% from a day low at $4.40 to a day high of $4.50. The price has fallen in 8 of the last 10 days and is down by -18.48% for this period. Volume has increased on the last day by 676 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 thousand shares were bought and sold for approximately $7.33 thousand.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $4.44 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -22.22% during the next 3 months and, with a 90% probability hold a price between $3.45 and $4.22 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
Signals & Forecast
There are few to no technical positive signals at the moment. The Eltek Ltd. 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 $4.69 and $5.40. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, November 04, 2021, and so far it has fallen -22.42%. 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). Eltek Ltd. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0998 between high and low, or 2.27%. For the last week, the stock has had a daily average volatility of 3.38%.
Eltek Ltd. is oversold on RSI14 (11). 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 an negative evaluation for this stock. No stop-loss is set.
Is Eltek Ltd. stock A Buy?
Eltek Ltd. holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore 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: -4.615
Predicted Opening Price for Eltek Ltd. of Monday, November 29, 2021
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price November 29, 2021||Current price|
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