Forward Industries Stock Forecast
Is Forward Industries stock still a buy after falling -6.12% on Tuesday?
(Updated on Jul 02, 2024)
The Forward Industries stock price fell by -6.12% on the last day (Tuesday, 2nd Jul 2024) from $4.74 to $4.45. During the last trading day the stock fluctuated 6.66% from a day low at $4.45 to a day high of $4.75. The price has risen in 6 of the last 10 days and is up by 813.76% over the past 2 weeks. 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 -22 thousand shares and in total, 9 thousand shares were bought and sold for approximately $39.28 thousand.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $4.86 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 158.65% during the next 3 months and, with a 90% probability hold a price between $2.50 and $12.56 at the end of this 3-month period.
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FORD Signals & Forecast
The Forward Industries stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $4.51. On a fall, the stock will find some support from the long-term average at approximately $1.60. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Friday, June 28, 2024, and so far it has fallen -6.51%. Further fall is indicated until a new bottom pivot has been found. 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 Forward Industries stock
Forward Industries finds support from accumulated volume at $4.41 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 very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.296 between high and low, or 6.66%. For the last week the stock has had daily average volatility of 7.51%.
The Forward Industries stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $4.26 (-4.23%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 84 and this increases the risk substantially. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (FORD) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Forward Industries to open at $4.55, and during the day (based on 14 day Average True Range), to move between $4.09 and $4.81, which gives a possible trading interval of +/-$0.358 (+/-8.04%) up or down from last closing price. If Forward Industries takes out the full calculated possible swing range there will be an estimated 16.07% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.41 (0.90%) than the resistance at $4.49 (0.92%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Forward Industries 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 Forward Industries stock to perform well in the short-term.
Current score: 1.892 Buy Candidate Unchanged
Predicted Opening Price for Forward Industries of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $4.55 ( 2.22%) | $4.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FORD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.84 | 8.87% |
| R2 | 4.73 | 6.33% |
| R1 | 4.66 | 4.76% |
| Price | 4.45 | |
| S1 | 4.44 | -0.324% |
| S2 | 4.37 | -1.89% |
| S3 | 4.25 | -4.44% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.76 | 6.97% |
| R2 | 4.74 | 6.52% |
| R1 | 4.49 | 0.92% |
| Price | 4.45 | |
| S1 | 4.41 | -0.90% |
| S2 | 4.01 | -9.89% |
| S3 | 3.79 | -14.83% |
FAQ
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