Mach7 Technologies Limited Stock Forecast
Mach7 Technologies Limited stock price ended at $0.660 on Thursday, after losing 0.752%.
(Updated on Apr 18, 2024)
The Mach7 Technologies Limited stock price fell by -0.752% on the last day (Thursday, 18th Apr 2024) from $0.665 to $0.660. During the last trading day the stock fluctuated 3.08% from a day low at $0.650 to a day high of $0.670. The price has fallen in 6 of the last 10 days and is down by -5.71% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -125 thousand shares and in total, 32 thousand shares were bought and sold for approximately $21.13 thousand.
The stock has broken the wide and horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $0.662 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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M7T.AX Signals & Forecast
There are few to no technical positive signals at the moment. The Mach7 Technologies Limited 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 $0.686 and $0.696. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 08, 2024, and so far it has fallen -9.59%. 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). 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 Mach7 Technologies Limited stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $0.0200 between high and low, or 3.08%. For the last week the stock has had daily average volatility of 4.43%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (M7T.AX) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Mach7 Technologies Limited to open at $0.660, and during the day (based on 14 day Average True Range), to move between $0.634 and $0.686, which gives a possible trading interval of +/-$0.0257 (+/-3.89%) up or down from last closing price. If Mach7 Technologies Limited takes out the full calculated possible swing range there will be an estimated 7.78% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.700, some $0.0400 (6.06%) from the current price of $0.660, our system finds the risk reward not very attractive.
Is Mach7 Technologies Limited stock A Buy?
Mach7 Technologies Limited 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.
Current score: -3.712 Sell Candidate Unchanged
Predicted Opening Price for Mach7 Technologies Limited of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $0.660 ( 0%) | $0.660 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for M7T.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.680 | 3.03 % | |
| R2 | 0.672 | 1.87 % | ||
| R1 | 0.668 | 1.16 % | ||
| Current price: | 0.660 | |||
| Support | S1 | 0.652 | -1.16 % | |
| S2 | 0.648 | -1.87 % | ||
| S3 | 0.640 | -3.03 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.710 | 7.58 % | |
| R2 | 0.705 | 6.82 % | ||
| R1 | 0.700 | 6.06 % | ||
| Current price | 0.660 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
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