Forward Industries Stock Forecast
A very red day for Forward Industries stock price after a -7.22% fall in the Friday trading session
(Updated on Apr 19, 2024)
The Forward Industries stock price fell by -7.22% on the last day (Friday, 19th Apr 2024) from $0.540 to $0.501. During the last trading day the stock fluctuated 7.78% from a day low at $0.501 to a day high of $0.540. The price has fallen in 7 of the last 10 days and is down by -11.94% for this period. 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 -7 thousand shares and in total, 7 thousand shares were bought and sold for approximately $3.53 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -27.83% during the next 3 months and, with a 90% probability hold a price between $0.269 and $0.424 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.
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FORD Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, March 15, 2024, and so far it has risen 8.91%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Forward Industries 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 $0.526 and $0.584. 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). 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
On the downside, the stock finds support just below today's level from accumulated volume at $0.460. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the stock price.
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 $0.0390 between high and low, or 7.78%. For the last week the stock has had daily average volatility of 7.75%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FORD) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Forward Industries to open at $0.514, and during the day (based on 14 day Average True Range), to move between $0.460 and $0.542, which gives a possible trading interval of +/-$0.0407 (+/-8.12%) up or down from last closing price. If Forward Industries takes out the full calculated possible swing range there will be an estimated 16.24% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.460 (8.18%) than the resistance at $0.580 (15.77%), 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?
Forward Industries holds several negative signals and is within a very 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.
Current score: -2.653 Sell Candidate Unchanged
Predicted Opening Price for Forward Industries of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $0.514 ( 2.59%) | $0.501 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 0.553 | 10.38 % | |
| R2 | 0.538 | 7.41 % | ||
| R1 | 0.529 | 5.57 % | ||
| Current price: | 0.501 | |||
| Support | S1 | 0.499 | -0.379 % | |
| S2 | 0.490 | -2.22 % | ||
| S3 | 0.475 | -5.19 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.590 | 17.76 % | |
| R2 | 0.582 | 16.23 % | ||
| R1 | 0.580 | 15.77 % | ||
| Current price | 0.501 | |||
| Support | S1 | 0.460 | -8.18% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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