Kits Eyecare Ltd. Stock Forecast
Kits Eyecare Ltd. stock downgraded from Buy Candidate to Hold/Accumulate after Monday trading session.
(Updated on May 27, 2024)
The Kits Eyecare Ltd. stock price gained 3.13% on the last trading day (Monday, 27th May 2024), rising from $6.39 to $6.59. During the last trading day the stock fluctuated 1.22% from a day low at $6.56 to a day high of $6.64. The price has risen in 6 of the last 10 days and is up by 4.6% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 806 more shares were traded than the day before. In total, 806 shares were bought and sold for approximately $5.31 thousand.
Given the current short-term trend, the stock is expected to fall -5.44% during the next 3 months and, with a 90% probability hold a price between $5.22 and $6.23 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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KITS.TO Signals & Forecast
The Kits Eyecare Ltd. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $6.38 and $6.15. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 17.05%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Kits Eyecare Ltd. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Kits Eyecare Ltd. stock
Kits Eyecare Ltd. finds support from accumulated volume at $6.43 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 $0.0800 between high and low, or 1.22%. For the last week, the stock has had daily average volatility of 2.20%.
Our recommended stop-loss: $6.35 (-3.58%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 35 days ago.)
Trading Expectations (KITS.TO) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Kits Eyecare Ltd. to open at $6.60, and during the day (based on 14 day Average True Range), to move between $6.38 and $6.80, which gives a possible trading interval of +/-$0.207 (+/-3.14%) up or down from last closing price. If Kits Eyecare Ltd. takes out the full calculated possible swing range there will be an estimated 6.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.62 (0.46%) than the support at $6.43 (2.43%), 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 Kits Eyecare Ltd. stock A Buy?
Kits Eyecare Ltd. 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: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Kits Eyecare Ltd. of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| $6.60 ( 0.101%) | $6.59 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KITS.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.68 | 1.32 % | |
| R2 | 6.65 | 0.85 % | ||
| R1 | 6.63 | 0.565 % | ||
| Current price: | 6.59 | |||
| Support | S1 | 6.57 | -0.363 % | |
| S2 | 6.55 | -0.649 % | ||
| S3 | 6.52 | -1.11 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.69 | 1.52 % | |
| R2 | 6.66 | 1.06 % | ||
| R1 | 6.62 | 0.455 % | ||
| Current price | 6.59 | |||
| Support | S1 | 6.43 | -2.43% | |
| S2 | 6.32 | -4.10% | ||
| S3 | 5.65 | -14.26% |
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