ESS Tech, Inc. Stock Forecast
ESS Tech, Inc. stock downgraded to Strong Sell Candidate
(Updated on Jul 02, 2024)
The ESS Tech, Inc. stock price fell by -4.45% on the last day (Tuesday, 2nd Jul 2024) from $0.745 to $0.712. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 8.09% from a day low at $0.711 to a day high of $0.768. The price has fallen in 6 of the last 10 days and is down by -7.11% for this period. Volume has increased on the last day by 793 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, 2 million shares were bought and sold for approximately $1.13 million.
The stock has broken the very wide and weak rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $0.718. A reaction back to this level may hold a second chance to get out before further falls.
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GWH 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 ESS Tech, Inc. 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 $0.796 and $0.763. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, June 27, 2024, and so far it has fallen -17.76%. Further fall is indicated until a new bottom pivot has been found. ESS Tech, 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".
Support, Risk & Stop-loss for ESS Tech, Inc. stock
ESS Tech, Inc. finds support from accumulated volume at $0.700 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 $0.0575 between high and low, or 8.09%. For the last week, the stock has had daily average volatility of 12.70%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GWH) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect ESS Tech, Inc. to open at $0.730, and during the day (based on 14 day Average True Range), to move between $0.640 and $0.784, which gives a possible trading interval of +/-$0.0722 (+/-10.14%) up or down from last closing price. If ESS Tech, Inc. takes out the full calculated possible swing range there will be an estimated 20.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.700 (1.70%) than the resistance at $0.745 (4.66%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ESS Tech, Inc. stock A Buy?
The ESS Tech, Inc. stock holds several negative signals and despite the positive trend, we believe ESS Tech, Inc. will perform weakly in the next couple of days or weeks. Therefore, we 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: -5.969 Strong Sell Candidate Downgraded
Predicted Opening Price for ESS Tech, Inc. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $0.730 ( 2.53%) | $0.712 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GWH
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.788 | 10.61% |
| R2 | 0.766 | 7.52% |
| R1 | 0.752 | 5.62% |
| Price | 0.712 | |
| S1 | 0.708 | -0.552% |
| S2 | 0.695 | -2.46% |
| S3 | 0.673 | -5.54% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.82 | 14.84% |
| R2 | 0.790 | 10.97% |
| R1 | 0.745 | 4.66% |
| Price | 0.712 | |
| S1 | 0.700 | -1.70% |
| S2 | 0.693 | -2.72% |
| S3 | 0.674 | -5.43% |
FAQ
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