Finnovate Acquisition Corp. Stock Forecast
Finnovate Acquisition Corp. stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Jul 03, 2024)
The Finnovate Acquisition Corp. stock price gained 0.0882% on the last trading day (Wednesday, 3rd Jul 2024), rising from $11.34 to $11.35. During the last trading day the stock fluctuated 0% from a day low at $11.35 to a day high of $11.35. The price has been going up and down for this period, and there has been a -0.79% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 200 thousand more shares were traded than the day before. In total, 200 thousand shares were bought and sold for approximately $2.27 million.
The stock is at the lower part of a narrow and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $11.35 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Finnovate Acquisition Corp. stock with a 90% probability to be traded between $11.54 and $11.65 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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FNVT Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, July 01, 2024, and so far it has risen 0.0882%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Finnovate Acquisition Corp. 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 $11.40 and $11.35. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Finnovate Acquisition Corp. stock
Finnovate Acquisition Corp. finds support from accumulated volume at $11.30 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 0%.
Our recommended stop-loss: $10.67 (-5.97%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (FNVT) For The Upcoming Trading Day Of Friday 5th
For the upcoming trading day on Friday, 5th we expect Finnovate Acquisition Corp. to open at $11.35, and during the day (based on 14 day Average True Range), to move between $11.33 and $11.37, which gives a possible trading interval of +/-$0.0224 (+/-0.20%) up or down from last closing price. If Finnovate Acquisition Corp. takes out the full calculated possible swing range there will be an estimated 0.39% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.38 (0.26%) than the support at $11.30 (0.44%), 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 Finnovate Acquisition Corp. stock A Buy?
Finnovate Acquisition Corp. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Finnovate Acquisition Corp. of Friday, July 5, 2024
| Fair opening price July 5, 2024 | Current price |
|---|---|
| $11.35 ( 0%) | $11.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FNVT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 11.35 | - |
| R2 | 11.35 | - |
| R1 | 11.35 | - |
| Price | 11.35 | |
| S1 | 11.35 | - |
| S2 | 11.35 | - |
| S3 | 11.35 | - |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 11.45 | 0.88% |
| R2 | 11.44 | 0.793% |
| R1 | 11.38 | 0.264% |
| Price | 11.35 | |
| S1 | 11.30 | -0.441% |
| S2 | 11.27 | -0.705% |
| S3 | 11.25 | -0.88% |
FAQ
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