Innodata Inc. Stock Forecast
High volatility in Innodata Inc. stock price on Thursday which ended trading at $5.69
(Updated on Apr 25, 2024)
The Innodata Inc. stock price fell by -10.11% on the last day (Thursday, 25th Apr 2024) from $6.33 to $5.69. During the last trading day the stock fluctuated 13.14% from a day low at $5.50 to a day high of $6.22. The price has fallen in 8 of the last 10 days and is down by -11.92% for this period. Volume has increased on the last day by 28 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, 626 thousand shares were bought and sold for approximately $3.56 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -40.64% during the next 3 months and, with a 90% probability hold a price between $2.69 and $4.72 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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INOD Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has fallen 0%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Innodata Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $5.86 and $6.40. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Innodata Inc. stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.723 between high and low, or 13.14%. For the last week, the stock has had daily average volatility of 10.03%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (INOD) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Innodata Inc. to open at $5.80, and during the day (based on 14 day Average True Range), to move between $5.20 and $6.18, which gives a possible trading interval of +/-$0.486 (+/-8.54%) up or down from last closing price. If Innodata Inc. takes out the full calculated possible swing range there will be an estimated 17.07% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $5.99, some $0.295 (5.18%) from the current price of $5.69, our system finds the risk reward not very attractive.
Is Innodata Inc. stock A Buy?
Innodata Inc. holds several negative signals and is within a very 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -4.310 Sell Candidate Downgraded
Predicted Opening Price for Innodata Inc. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $5.80 ( 2.01%) | $5.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INOD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.53 | 14.70 % | |
| R2 | 6.25 | 9.85 % | ||
| R1 | 6.08 | 6.86 % | ||
| Current price: | 5.69 | |||
| Support | S1 | 5.53 | -2.84 % | |
| S2 | 5.36 | -5.84 % | ||
| S3 | 5.08 | -10.69 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.08 | 24.43 % | |
| R2 | 7.07 | 24.25 % | ||
| R1 | 5.99 | 5.18 % | ||
| Current price | 5.69 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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