Fortune Rise Acquisition Corporation Stock Forecast
Evaluation of Fortune Rise Acquisition Corporation stock downgraded after the last trading session.
(Updated on Jun 28, 2024)
The Fortune Rise Acquisition Corporation stock price fell by -0.442% on the last day (Friday, 28th Jun 2024) from $11.30 to $11.25. During the last trading day the stock fluctuated 0.0889% from a day low at $11.25 to a day high of $11.26. The price has fallen in 4 of the last 10 days and is down by -0.62% for this period. Volume has increased on the last day by 2 thousand 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, 3 thousand shares were bought and sold for approximately $29.48 thousand.
The stock has broken the narrow and horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $11.26 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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FRLA Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, June 26, 2024, and so far it has fallen 0%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Fortune Rise Acquisition Corporation 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 $11.30 and $11.25. A break-up above any of these levels will issue buy signals. Fortune Rise Acquisition Corporation 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 for Fortune Rise Acquisition Corporation stock
Fortune Rise Acquisition Corporation finds support from accumulated volume at $11.21 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 $0.0100 between high and low, or 0.0889%. For the last week the stock has had daily average volatility of 0.409%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FRLA) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Fortune Rise Acquisition Corporation to open at $11.25, and during the day (based on 14 day Average True Range), to move between $11.19 and $11.31, which gives a possible trading interval of +/-$0.0577 (+/-0.51%) up or down from last closing price. If Fortune Rise Acquisition Corporation takes out the full calculated possible swing range there will be an estimated 1.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.26 (0.09%) than the support at $11.21 (0.36%), 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 Fortune Rise Acquisition Corporation stock A Buy?
Fortune Rise Acquisition Corporation holds several negative signals and is within a narrow 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -1.565 Sell Candidate Downgraded
Predicted Opening Price for Fortune Rise Acquisition Corporation of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $11.25 ( 0.0296%) | $11.25 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FRLA
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 11.26 | 0.119% |
| R2 | 11.26 | 0.0846% |
| R1 | 11.26 | 0.0636% |
| Price | 11.25 | |
| S1 | 11.25 | -0.0043% |
| S2 | 11.25 | -0.0253% |
| S3 | 11.24 | -0.0593% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 11.29 | 0.356% |
| R2 | 11.27 | 0.178% |
| R1 | 11.26 | 0.0889% |
| Price | 11.25 | |
| S1 | 11.21 | -0.356% |
| S2 | 11.19 | -0.533% |
| S3 | 11.17 | -0.711% |
FAQ
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