Innocap Inc ETF Forecast
Stronger technical forecast for Innocap Inc ETF price after Wednesday trading.
(Updated on May 08, 2024)
The Innocap Inc ETF price fell by -1.29% on the last day (Wednesday, 8th May 2024) from $15.48 to $15.28. During the last trading day the ETF fluctuated 0.787% from a day low at $15.24 to a day high of $15.36. The price has been going up and down for this period, and there has been a 0.79% gain for the last 2 weeks. Volume has increased on the last day by 615 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, 1 thousand shares were bought and sold for approximately $21.45 thousand.
The ETF lies in the middle of a falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -4.69% during the next 3 months and, with a 90% probability hold a price between $13.85 and $15.22 at the end of this 3-month period. 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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INNO Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 3.95%. 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 Innocap Inc ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $15.62. On a fall, the ETF will find some support from the short-term average at $15.26. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Innocap 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 Innocap Inc ETF
Innocap Inc finds support from accumulated volume at $15.14 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.120 between high and low, or 0.787%. For the last week the ETF has had daily average volatility of 0.441%.
Our recommended stop-loss: $14.62 (-4.35%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (INNO) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Innocap Inc to open at $15.29, and during the day (based on 14 day Average True Range), to move between $15.10 and $15.46, which gives a possible trading interval of +/-$0.184 (+/-1.21%) up or down from last closing price. If Innocap Inc takes out the full calculated possible swing range there will be an estimated 2.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $15.14 (0.92%) than the resistance at $15.98 (4.58%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Innocap Inc ETF A Buy?
Innocap Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.712 Hold/Accumulate Upgraded
Predicted Opening Price for Innocap Inc of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $15.29 ( 0.0873%) | $15.28 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INNO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.41 | 0.87 % | |
| R2 | 15.37 | 0.573 % | ||
| R1 | 15.34 | 0.387 % | ||
| Current price: | 15.28 | |||
| Support | S1 | 15.25 | -0.213 % | |
| S2 | 15.22 | -0.398 % | ||
| S3 | 15.17 | -0.698 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.34 | 6.94 % | |
| R2 | 16.27 | 6.48 % | ||
| R1 | 15.98 | 4.58 % | ||
| Current price | 15.28 | |||
| Support | S1 | 15.14 | -0.92% | |
| S2 | 15.11 | -1.11% | ||
| S3 | 15.03 | -1.64% |
FAQ
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