Esports Entertainment Group, Inc. Stock Forecast
Weaker technical forecast for Esports Entertainment Group, Inc. as stock downgraded to Strong Sell Candidate.
(Updated on Mar 27, 2024)
The Esports Entertainment Group, Inc. stock price fell by -1.18% on the last day (Wednesday, 27th Mar 2024) from $0.84 to $0.83. During the last trading day the stock fluctuated 4.05% from a day low at $0.83 to a day high of $0.86. The price has been going up and down for this period, and there has been a -6.62% loss for the last 2 weeks. Volume has increased on the last day by 18 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, 22 thousand shares were bought and sold for approximately $18.45 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. Due to the high volatility and the trend direction we are not able to give forecast range for this stock. 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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GMBL Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, March 04, 2024, and so far it has risen 2.60%. 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 Esports Entertainment Group, Inc. 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 $0.85 and $1.31. A break-up above any of these levels will issue buy signals. Esports Entertainment Group, Inc. 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 Esports Entertainment Group, Inc. stock
Esports Entertainment Group, Inc. finds support from accumulated volume at $0.81 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0337 between high and low, or 4.05%. For the last week, the stock has had daily average volatility of 9.78%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GMBL) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Esports Entertainment Group, Inc. to open at $0.84, and during the day (based on 14 day Average True Range), to move between $0.628 and $1.03, which gives a possible trading interval of +/-$0.203 (+/-24.48%) up or down from last closing price. If Esports Entertainment Group, Inc. takes out the full calculated possible swing range there will be an estimated 48.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.84 (1.08%) than the support at $0.81 (2.54%), 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 Esports Entertainment Group, Inc. stock A Buy?
Esports Entertainment Group, Inc. 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 Sell to a Strong Sell candidate.
Current score: -5.026 Strong Sell Candidate Downgraded
Predicted Opening Price for Esports Entertainment Group, Inc. of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$0.84 ( 1.35%) | $0.83 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GMBL
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.88 | 5.41 % | |
R2 | 0.86 | 3.86 % | ||
R1 | 0.86 | 2.90 % | ||
Current price: | 0.83 | |||
Support | S1 | 0.83 | -0.197 % | |
S2 | 0.82 | -1.15 % | ||
S3 | 0.81 | -2.70 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.96 | 15.51 % | |
R2 | 0.95 | 14.31 % | ||
R1 | 0.84 | 1.08 % | ||
Current price | 0.83 | |||
Support | S1 | 0.81 | -2.54% | |
S2 | 0 | . | ||
S3 | 0 | . |
FAQ
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