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Green day on Tuesday for ITM Power Plc
(Updated on May 17, 2022)
Sell candidate since 2022-05-12 Gain 11.63% PDF
The ITM Power Plc stock price gained 2.86% on the last trading day (Tuesday, 17th May 2022), rising from $3.50 to $3.60. , and has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 2.25% from a day low at $3.55 to a day high of $3.63. The price has fallen in 6 of the last 10 days and is down by -10% for this period. Volume fell on the last day by -330 shares and in total, 1 thousand shares were bought and sold for approximately $5.04 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 -11.54% during the next 3 months and, with a 90% probability hold a price between $2.83 and $4.24 at the end of this 3-month period.
Signals & Forecast
There are mixed signals in the stock today. The ITM Power Plc stock 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 stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $4.20. On a fall, the stock will find some support from the short-term average at $3.40. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. A buy signal was issued from a pivot bottom point on Thursday, May 12, 2022, and so far it has risen 11.63%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0800 between high and low, or 2.25%. For the last week the stock has had a daily average volatility of 5.28%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations For The Upcoming Trading Day Of Wednesday 18th
For the upcoming trading day on Wednesday 18th we expect ITM Power Plc to open at $3.59, and during day (based on 14 day Average True Range), to move between $3.36 and $3.84, which gives a possible trading interval of +/-$0.24 (+/-6.59%) up or down from last closing price. If ITM Power Plc takes out the full calculated possible swing range there will be an estimated 13.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.66 (1.60%) than the support at $3.45 (4.31%), our systems don't find the trading risk/reward intra-day attractive and any bets should be hold until the stock is closer to the support level.
Is ITM Power Plc stock A Buy?
ITM Power Plc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -3.390Sell Candidate Unchanged
Predicted Opening Price for ITM Power Plc of Wednesday, May 18, 2022
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price May 18, 2022||Current price|
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