Independence Contract Drilling Inc Stock Forecast
Independence Contract Drilling Inc stock price down 2.16% on Thursday
(Updated on May 02, 2024)
The Independence Contract Drilling Inc stock price fell by -2.16% on the last day (Thursday, 2nd May 2024) from $1.85 to $1.81. During the last trading day the stock fluctuated 3.31% from a day low at $1.81 to a day high of $1.87. The price has fallen in 4 of the last 10 days and is down by -5.24% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -38 thousand shares and in total, 18 thousand shares were bought and sold for approximately $32.70 thousand.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Independence Contract Drilling Inc stock with a 90% probability to be traded between $1.60 and $1.95 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ICD Signals & Forecast
There are few to no technical positive signals at the moment. The Independence Contract Drilling 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 $1.86 and $1.86. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 15, 2024, and so far it has fallen -8.59%. 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). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Independence Contract Drilling Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.70 and $1.67. 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, Independence Contract Drilling Inc finds support just below today's level at $1.70. If this is broken, then the next support from accumulated volume will be at $1.67 and $1.65.
In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved $0.0600 between high and low, or 3.31%. For the last week the stock has had daily average volatility of 2.80%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ICD) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Independence Contract Drilling Inc to open at $1.83, and during the day (based on 14 day Average True Range), to move between $1.72 and $1.90, which gives a possible trading interval of +/-$0.0853 (+/-4.71%) up or down from last closing price. If Independence Contract Drilling Inc takes out the full calculated possible swing range there will be an estimated 9.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.82 (0.55%) than the support at $1.70 (6.08%), 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 Independence Contract Drilling Inc stock A Buy?
Independence Contract Drilling Inc holds several negative signals and is within a 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.
Current score: -4.866 Sell Candidate Unchanged
Predicted Opening Price for Independence Contract Drilling Inc of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $1.83 ( 1.10%) | $1.81 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ICD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.89 | 4.42 % | |
| R2 | 1.87 | 3.15 % | ||
| R1 | 1.85 | 2.37 % | ||
| Current price: | 1.81 | |||
| Support | S1 | 1.81 | -0.161 % | |
| S2 | 1.79 | -0.94 % | ||
| S3 | 1.77 | -2.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.98 | 9.39 % | |
| R2 | 1.91 | 5.52 % | ||
| R1 | 1.82 | 0.552 % | ||
| Current price | 1.81 | |||
| Support | S1 | 1.70 | -6.08% | |
| S2 | 1.67 | -7.73% | ||
| S3 | 1.65 | -8.84% |
FAQ
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