Incannex Healthcare Limited Stock Forecast
Incannex Healthcare Limited stock upgraded to Sell Candidate.
(Updated on Jul 02, 2024)
The Incannex Healthcare Limited stock price fell by -1.69% on the last day (Tuesday, 2nd Jul 2024) from $2.95 to $2.90. During the last trading day the stock fluctuated 5.17% from a day low at $2.90 to a day high of $3.05. The price has been going up and down for this period, and there has been a -13.69% loss for the last 2 weeks. Volume has increased on the last day by 6 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, 12 thousand shares were bought and sold for approximately $34.12 thousand.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 17.67% during the next 3 months and, with a 90% probability hold a price between $3.07 and $4.19 at the end of this 3-month period.
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IXHL Signals & Forecast
There are few to no technical positive signals at the moment. The Incannex Healthcare Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $3.04 and $3.02. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, June 21, 2024, and so far it has fallen -17.14%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Incannex Healthcare Limited 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 Incannex Healthcare Limited stock
Incannex Healthcare Limited finds support from accumulated volume at $2.78 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.150 between high and low, or 5.17%. For the last week, the stock has had daily average volatility of 10.96%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (IXHL) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Incannex Healthcare Limited to open at $2.95, and during the day (based on 14 day Average True Range), to move between $2.65 and $3.15, which gives a possible trading interval of +/-$0.247 (+/-8.52%) up or down from last closing price. If Incannex Healthcare Limited takes out the full calculated possible swing range there will be an estimated 17.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.78 (4.14%) than the resistance at $3.06 (5.52%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Incannex Healthcare Limited stock A Buy?
The Incannex Healthcare Limited stock holds several negative signals and despite the positive trend, we believe Incannex Healthcare Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -3.596 Sell Candidate Upgraded
Predicted Opening Price for Incannex Healthcare Limited of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $2.95 ( 1.72%) | $2.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IXHL
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.10 | 6.90% |
| R2 | 3.04 | 4.92% |
| R1 | 3.01 | 3.70% |
| Price | 2.90 | |
| S1 | 2.89 | -0.252% |
| S2 | 2.86 | -1.47% |
| S3 | 2.80 | -3.45% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.25 | 12.07% |
| R2 | 3.08 | 6.21% |
| R1 | 3.06 | 5.52% |
| Price | 2.90 | |
| S1 | 2.78 | -4.14% |
| S2 | 2.66 | -8.28% |
| S3 | 2.50 | -13.79% |
FAQ
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