ITM Power Plc Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
ITM Power Plc stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Apr 24, 2024)
The ITM Power Plc stock price fell by -1.02% on the last day (Wednesday, 24th Apr 2024) from $0.657 to $0.650. During the last trading day the stock fluctuated 5.77% from a day low at $0.625 to a day high of $0.661. The price has fallen in 6 of the last 10 days and is down by -5.11% for this period.
The stock lies in the middle of a 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 -11.99% during the next 3 months and, with a 90% probability hold a price between $0.544 and $0.676 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 3.17%. 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 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 $0.685. On a fall, the stock will find some support from the short-term average at $0.648. 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 along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. 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 $0.637 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0361 between high and low, or 5.77%. For the last week the stock has had daily average volatility of 4.48%.
Our recommended stop-loss: $0.615 (-5.35%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (ITMPF) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect ITM Power Plc to open at $0.645, and during the day (based on 14 day Average True Range), to move between $0.614 and $0.686, which gives a possible trading interval of +/-$0.0357 (+/-5.50%) up or down from last closing price. If ITM Power Plc takes out the full calculated possible swing range there will be an estimated 10.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.637 (1.96%) than the resistance at $0.700 (7.69%), 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 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 stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.827 Hold/Accumulate Upgraded
Predicted Opening Price for ITM Power Plc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $0.645 ( 0.715%) | $0.650 |
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 | 0.681 | 4.83 % | |
| R2 | 0.668 | 2.71 % | ||
| R1 | 0.659 | 1.40 % | ||
| Current price: | 0.650 | |||
| Support | S1 | 0.632 | -2.83 % | |
| S2 | 0.623 | -4.14 % | ||
| S3 | 0.609 | -6.26 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.734 | 12.94 % | |
| R2 | 0.710 | 9.23 % | ||
| R1 | 0.700 | 7.69 % | ||
| Current price | 0.650 | |||
| Support | S1 | 0.637 | -1.96% | |
| S2 | 0.632 | -2.75% | ||
| S3 | 0.630 | -3.08% |
FAQ
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