Fortune Bay Stock Forecast
High volatility in Fortune Bay stock price on Friday which ended trading at $0.145
(Updated on Jun 21, 2024)
The Fortune Bay stock price fell by -3.27% on the last day (Friday, 21st Jun 2024) from $0.150 to $0.145. During the last trading day the stock fluctuated 38.25% from a day low at $0.145 to a day high of $0.201. The price has been going up and down for this period, and there has been a -14.65% loss for the last 2 weeks. Volume has increased on the last day by 134 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, 139 thousand shares were bought and sold for approximately $20.17 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 -12.54% during the next 3 months and, with a 90% probability hold a price between $0.0954 and $0.210 at the end of this 3-month period.
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FTBYF Signals & Forecast
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 Bay 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 $0.160 and $0.185. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -45.37%. Further fall is indicated until a new bottom pivot has been found. Fortune Bay 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 Bay stock
Fortune Bay finds support from accumulated volume at $0.144 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0555 between high and low, or 38.25%. For the last week, the stock has had daily average volatility of 7.65%.
Fortune Bay is oversold on RSI14 (17). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FTBYF) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Fortune Bay to open at $0.164, and during the day (based on 14 day Average True Range), to move between $0.135 and $0.155, which gives a possible trading interval of +/-$0.0099 (+/-6.81%) up or down from last closing price. If Fortune Bay takes out the full calculated possible swing range there will be an estimated 13.61% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.144 (0.79%) than the resistance at $0.150 (3.10%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Fortune Bay stock A Buy?
Fortune Bay 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.612 Sell Candidate Downgraded
Predicted Opening Price for Fortune Bay of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $0.164 ( 12.75%) | $0.145 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FTBYF
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.219 | 51.00% |
| R2 | 0.198 | 36.39% |
| R1 | 0.185 | 27.36% |
| Price | 0.145 | |
| S1 | 0.142 | -1.86% |
| S2 | 0.129 | -10.89% |
| S3 | 0.108 | -25.50% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.170 | 17.16% |
| R2 | 0.156 | 7.36% |
| R1 | 0.150 | 3.10% |
| Price | 0.145 | |
| S1 | 0.144 | -0.793% |
| S2 | 0.142 | -2.14% |
| S3 | 0 | - |
FAQ
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