ESS Tech, Inc. Stock Forecast
ESS Tech, Inc. stock price up 1.13% on Friday
(Updated on May 03, 2024)
The ESS Tech, Inc. stock price gained 1.13% on the last trading day (Friday, 3rd May 2024), rising from $0.82 to $0.83. It has now gained 3 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 5.89% from a day low at $0.784 to a day high of $0.83. The price has risen in 8 of the last 10 days and is up by 20% over the past 2 weeks. Volume fell on the last day by -78 thousand shares and in total, 580 thousand shares were bought and sold for approximately $480.83 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $0.784, a level that may pose a second chance to hit a runner. According to fan-theory $1.08 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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GWH Signals & Forecast
The ESS Tech, Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.762 and $0.708. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 22, 2024, and so far it has risen 34.47%. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for ESS Tech, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.750 and $0.701. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, ESS Tech, Inc. finds support just below today's level at $0.750. If this is broken, then the next support from accumulated volume will be at $0.701 and $0.697.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0462 between high and low, or 5.89%. For the last week the stock has had daily average volatility of 9.36%.
The ESS Tech, Inc. stock is extremely overbought on RSI14 (93). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $0.81 (-2.64%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 93 and this increases the risk substantially. There is a buy signal from a pivot bottom found 29 days ago.)
Trading Expectations (GWH) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect ESS Tech, Inc. to open at $0.81, and during the day (based on 14 day Average True Range), to move between $0.778 and $0.88, which gives a possible trading interval of +/-$0.0515 (+/-6.21%) up or down from last closing price. If ESS Tech, Inc. takes out the full calculated possible swing range there will be an estimated 12.42% 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 (0.71%) than the support at $0.750 (9.56%), 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 ESS Tech, Inc. stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.
Current score: 3.582 Buy Candidate Unchanged
Predicted Opening Price for ESS Tech, Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.81 ( 1.80%) | $0.83 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 0.86 | 3.77 % | |
| R2 | 0.84 | 1.64 % | ||
| R1 | 0.83 | 0.327 % | ||
| Current price: | 0.83 | |||
| Support | S1 | 0.797 | -3.93 % | |
| S2 | 0.786 | -5.24 % | ||
| S3 | 0.768 | -7.37 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.92 | 10.95 % | |
| R2 | 0.85 | 3.09 % | ||
| R1 | 0.84 | 0.711 % | ||
| Current price | 0.83 | |||
| Support | S1 | 0.750 | -9.56% | |
| S2 | 0.701 | -15.49% | ||
| S3 | 0.697 | -15.94% |
FAQ
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