ITM Power Plc Stock Forecast
ITM Power Plc stock downgraded to Sell Candidate
(Updated on Apr 25, 2024)
The ITM Power Plc stock price fell by -2.38% on the last day (Thursday, 25th Apr 2024) from $0.650 to $0.635. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 2.44% from a day low at $0.635 to a day high of $0.650. The price has fallen in 7 of the last 10 days and is down by -8.24% for this period. Volume has increased on the last day by 210 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, 2 thousand shares were bought and sold for approximately $1.35 thousand.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.615 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -13.62% during the next 3 months and, with a 90% probability hold a price between $0.531 and $0.652 at the end of this 3-month period.
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ITMPF Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 0.717%. 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 ITM Power Plc 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 $0.646 and $0.682. 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). ITM Power Plc 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 ITM Power Plc stock
ITM Power Plc finds support from accumulated volume at $0.631 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0155 between high and low, or 2.44%. For the last week, the stock has had daily average volatility of 4.37%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ITMPF) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect ITM Power Plc to open at $0.640, and during the day (based on 14 day Average True Range), to move between $0.600 and $0.669, which gives a possible trading interval of +/-$0.0343 (+/-5.40%) up or down from last closing price. If ITM Power Plc takes out the full calculated possible swing range there will be an estimated 10.81% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.631 (0.54%) than the resistance at $0.700 (10.32%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ITM Power Plc stock A Buy?
ITM Power Plc holds several negative signals and is within a 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: -1.252 Sell Candidate Downgraded
Predicted Opening Price for ITM Power Plc of Friday, April 26, 2024
Fair opening price April 26, 2024 | Current price |
---|---|
$0.640 ( 0.81%) | $0.635 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ITMPF
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.655 | 3.25 % | |
R2 | 0.649 | 2.32 % | ||
R1 | 0.646 | 1.75 % | ||
Current price: | 0.635 | |||
Support | S1 | 0.634 | -0.119 % | |
S2 | 0.630 | -0.694 % | ||
S3 | 0.624 | -1.63 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.734 | 15.69 % | |
R2 | 0.710 | 11.90 % | ||
R1 | 0.700 | 10.32 % | ||
Current price | 0.635 | |||
Support | S1 | 0.631 | -0.542% | |
S2 | 0.630 | -0.712% | ||
S3 | 0.624 | -1.62% |
FAQ
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