Forward Industries Stock Forecast
Red day on Thursday for Forward Industries stock after losing 0.575%
(Updated on May 02, 2024)
The Forward Industries stock price fell by -0.575% on the last day (Thursday, 2nd May 2024) from $0.522 to $0.519. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 7.04% from a day low at $0.510 to a day high of $0.546. The price has fallen in 6 of the last 10 days and is down by -3.98% 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 -3 thousand shares and in total, 5 thousand shares were bought and sold for approximately $2.35 thousand.
The stock lies the upper part of a very wide and falling 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 $0.546 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -29.73% during the next 3 months and, with a 90% probability hold a price between $0.235 and $0.384 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
FORD Signals & Forecast
There are mixed signals in the stock today. 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 $0.533 and $0.555. A break-up above any of these levels will issue buy signals. 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. A buy signal was issued from a pivot bottom point on Friday, March 15, 2024, and so far it has risen 12.72%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Forward Industries stock
Forward Industries finds support from accumulated volume at $0.511 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 $0.0359 between high and low, or 7.04%. For the last week the stock has had daily average volatility of 6.22%.
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 Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Forward Industries to open at $0.525, and during the day (based on 14 day Average True Range), to move between $0.477 and $0.560, which gives a possible trading interval of +/-$0.0413 (+/-7.96%) up or down from last closing price. If Forward Industries takes out the full calculated possible swing range there will be an estimated 15.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.511 (1.37%) than the resistance at $0.580 (11.86%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Forward Industries will release earnings BMO on Friday, May 10, 2024. We will update the financials statements for Forward Industries, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.20% in the first trading day after earnings release.
Is Forward Industries stock A Buy?
Forward Industries holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.418 Sell Candidate Unchanged
Predicted Opening Price for Forward Industries of Friday, May 3, 2024
Fair opening price May 3, 2024 | Current price |
---|---|
$0.525 ( 1.23%) | $0.519 |
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 | 0.561 | 8.15 % | |
R2 | 0.547 | 5.51 % | ||
R1 | 0.539 | 3.87 % | ||
Current price: | 0.519 | |||
Support | S1 | 0.511 | -1.42 % | |
S2 | 0.503 | -3.05 % | ||
S3 | 0.489 | -5.70 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.590 | 13.79 % | |
R2 | 0.582 | 12.30 % | ||
R1 | 0.580 | 11.86 % | ||
Current price | 0.519 | |||
Support | S1 | 0.511 | -1.37% | |
S2 | 0.501 | -3.38% | ||
S3 | 0.460 | -11.28% |
FAQ
Click here for our free guide on how to buy Forward Industries Stock.