IM Cannabis Corp. Stock Forecast
High volatility in IM Cannabis Corp. stock price on Thursday which ended trading at $0.91
(Updated on May 02, 2024)
The IM Cannabis Corp. stock price fell by -18.02% on the last day (Thursday, 2nd May 2024) from $1.11 to $0.91. During the last trading day the stock fluctuated 21.89% from a day low at $0.87 to a day high of $1.06. The price has been going up and down for this period, and there has been a 54.24% gain for the last 2 weeks. 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 million shares and in total, 3 million shares were bought and sold for approximately $2.30 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 109.60% during the next 3 months and, with a 90% probability hold a price between $1.19 and $2.35 at the end of this 3-month period.
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IMCC Signals & Forecast
The IM Cannabis Corp. 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 $0.727 and $0.614. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, May 01, 2024, and so far it has fallen -18.02%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for IM Cannabis Corp. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.86 and $0.756. 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, IM Cannabis Corp. finds support just below today's level at $0.86. If this is broken, then the next support from accumulated volume will be at $0.756 and $0.742.
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 $0.190 between high and low, or 21.89%. For the last week, the stock has had daily average volatility of 37.42%.
Our recommended stop-loss: $0.86 (-5.74%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (IMCC) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect IM Cannabis Corp. to open at $0.94, and during the day (based on 14 day Average True Range), to move between $0.731 and $1.09, which gives a possible trading interval of +/-$0.179 (+/-19.62%) up or down from last closing price. If IM Cannabis Corp. takes out the full calculated possible swing range there will be an estimated 39.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.86 (5.49%) than the resistance at $0.97 (7.05%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
IM Cannabis Corp. will release earnings BMO on Wednesday, May 08, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.160. We will update the financials statements for IM Cannabis Corp., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 16.34% in the first trading day after earnings release.
Is IM Cannabis Corp. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for IM Cannabis Corp. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.029 Buy Candidate Upgraded
Predicted Opening Price for IM Cannabis Corp. of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $0.94 ( 3.68%) | $0.91 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IMCC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.13 | 24.51 % | |
| R2 | 1.06 | 16.55 % | ||
| R1 | 1.02 | 11.64 % | ||
| Current price: | 0.91 | |||
| Support | S1 | 0.87 | -4.27 % | |
| S2 | 0.83 | -9.19 % | ||
| S3 | 0.754 | -17.14 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.11 | 21.98 % | |
| R2 | 1.08 | 18.68 % | ||
| R1 | 0.97 | 7.05 % | ||
| Current price | 0.91 | |||
| Support | S1 | 0.86 | -5.49% | |
| S2 | 0.756 | -16.88% | ||
| S3 | 0.742 | -18.45% |
FAQ
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