RENAISSANCE IPO ETF Stock Forecast
RENAISSANCE IPO ETF stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Apr 30, 2024)
The RENAISSANCE IPO ETF stock price fell by -2.24% on the last day (Tuesday, 30th Apr 2024) from £49.05 to £47.95. During the last trading day the stock fluctuated 4.40% from a day low at £47.75 to a day high of £49.85. The price has risen in 6 of the last 10 days and is up by 5.15% over the past 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 -706 thousand shares and in total, 2 million shares were bought and sold for approximately £73.66 million.
The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at £48.97 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -9.20% during the next 3 months and, with a 90% probability hold a price between £39.26 and £44.47 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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IPO.L Signals & Forecast
The RENAISSANCE IPO ETF stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately £48.08. On a fall, the stock will find some support from the long-term average at approximately £47.26. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -2.24%. Further fall is indicated until a new bottom pivot has been found. 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 RENAISSANCE IPO ETF stock
RENAISSANCE IPO ETF finds support from accumulated volume at £47.60 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved £2.10 (4.40%) between high and low. For the last week, the stock has had daily average volatility of 4.06%.
Our recommended stop-loss: £45.66 (-4.77%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (IPO.L) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect RENAISSANCE IPO ETF to open at £48.52, and during the day (based on 14 day Average True Range), to move between £45.65 and £50.25, which gives a possible trading interval of +/-£2.30 (+/-4.79%) up or down from last closing price. If RENAISSANCE IPO ETF takes out the full calculated possible swing range there will be an estimated 9.58% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £48.20 (0.52%) than the support at £47.60 (0.73%), 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 RENAISSANCE IPO ETF stock A Buy?
RENAISSANCE IPO ETF 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.111 Hold/Accumulate Downgraded
Predicted Opening Price for RENAISSANCE IPO ETF of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| £48.52 ( 1.18%) | £47.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IPO.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 50.62 | 5.56 % | |
| R2 | 49.81 | 3.89 % | ||
| R1 | 49.32 | 2.85 % | ||
| Current price: | 47.95 | |||
| Support | S1 | 47.71 | -0.491 % | |
| S2 | 47.22 | -1.52 % | ||
| S3 | 46.42 | -3.20 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 51.00 | 6.36 % | |
| R2 | 48.45 | 1.04 % | ||
| R1 | 48.20 | 0.521 % | ||
| Current price | 47.95 | |||
| Support | S1 | 47.60 | -0.730% | |
| S2 | 47.25 | -1.46% | ||
| S3 | 45.75 | -4.59% |
IPO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 08, 2023 | May 25, 2023 | Jun 22, 2023 | £0.760 | 1.42% |
| 2 | Aug 03, 2022 | Aug 11, 2022 | Sep 19, 2022 | £0.500 | 0.710% |
| 3 | Mar 16, 2022 | May 26, 2022 | Jun 30, 2022 | £0.720 | 1.03% |
| 4 | Aug 05, 2021 | Aug 12, 2021 | Sep 27, 2021 | £0.480 | 0.344% |
| 5 | Mar 10, 2021 | May 13, 2021 | Jun 16, 2021 | £1.00 | 0.86% |
FAQ
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