Genetic Technologies Ltd Stock Forecast
Green day on Wednesday for Genetic Technologies Ltd stock after gaining 1.72%
(Updated on May 01, 2024)
The Genetic Technologies Ltd stock price gained 1.72% on the last trading day (Wednesday, 1st May 2024), rising from $2.32 to $2.36. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 7.14% from a day low at $2.24 to a day high of $2.40. The price has risen in 6 of the last 10 days but is still down by -25.32% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 thousand more shares were traded than the day before. In total, 24 thousand shares were bought and sold for approximately $57.57 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $2.23 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 30.80% during the next 3 months and, with a 90% probability hold a price between $2.92 and $4.57 at the end of this 3-month period.
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GENE Signals & Forecast
There are mixed signals in the stock today. The Genetic Technologies Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $2.69. On a fall, the stock will find some support from the short-term average at $2.29. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Friday, April 12, 2024, and so far it has fallen -28.94%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Genetic Technologies Ltd has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Genetic Technologies Ltd stock
Genetic Technologies Ltd finds support from accumulated volume at $2.32 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 a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.160 between high and low, or 7.14%. For the last week, the stock has had daily average volatility of 6.87%.
Genetic Technologies Ltd is oversold on RSI14 (23). 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 (GENE) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Genetic Technologies Ltd to open at $2.33, and during the day (based on 14 day Average True Range), to move between $2.14 and $2.58, which gives a possible trading interval of +/-$0.224 (+/-9.49%) up or down from last closing price. If Genetic Technologies Ltd takes out the full calculated possible swing range there will be an estimated 18.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.32 (1.69%) than the resistance at $2.50 (5.93%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Genetic Technologies Ltd stock A Buy?
Genetic Technologies Ltd 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: -2.413 Sell Candidate Unchanged
Predicted Opening Price for Genetic Technologies Ltd of Thursday, May 2, 2024
Fair opening price May 2, 2024 | Current price |
---|---|
$2.33 ( 1.13%) | $2.36 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GENE
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2.49 | 5.65 % | |
R2 | 2.43 | 3.06 % | ||
R1 | 2.39 | 1.46 % | ||
Current price: | 2.36 | |||
Support | S1 | 2.27 | -3.72 % | |
S2 | 2.23 | -5.32 % | ||
S3 | 2.17 | -7.91 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2.71 | 14.83 % | |
R2 | 2.67 | 13.14 % | ||
R1 | 2.50 | 5.93 % | ||
Current price | 2.36 | |||
Support | S1 | 2.32 | -1.69% | |
S2 | 2.13 | -9.72% | ||
S3 | 1.97 | -16.53% |
FAQ
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