Nanosonics Limited Stock Forecast
Nanosonics Limited stock downgraded to Sell Candidate
(Updated on Apr 19, 2024)
The Nanosonics Limited stock price fell by -2.88% on the last day (Friday, 19th Apr 2024) from $2.78 to $2.70. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 4.10% from a day low at $2.68 to a day high of $2.79. The price has been going up and down for this period, and there has been a 1.12% gain for the last 2 weeks. Volume has increased on the last day by 1 million 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 million shares were bought and sold for approximately $5.77 million.
The stock lies in the middle of a very 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 -11.67% during the next 3 months and, with a 90% probability hold a price between $2.05 and $3.42 at the end of this 3-month period.
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NAN.AX Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, February 26, 2024, and so far it has risen 2.66%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Nanosonics 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 $2.84 and $2.77. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Nanosonics Limited stock
Nanosonics Limited finds support from accumulated volume at $2.68 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 $0.110 between high and low, or 4.10%. For the last week, the stock has had daily average volatility of 4.28%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NAN.AX) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Nanosonics Limited to open at $2.72, and during the day (based on 14 day Average True Range), to move between $2.59 and $2.81, which gives a possible trading interval of +/-$0.113 (+/-4.19%) up or down from last closing price. If Nanosonics Limited takes out the full calculated possible swing range there will be an estimated 8.38% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.68 (0.74%) than the resistance at $2.74 (1.48%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Nanosonics Limited stock A Buy?
Nanosonics Limited holds several negative signals and is within a very 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: -3.942 Sell Candidate Downgraded
Predicted Opening Price for Nanosonics Limited of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $2.72 ( 0.86%) | $2.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NAN.AX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.83 | 4.94 % | |
| R2 | 2.79 | 3.38 % | ||
| R1 | 2.77 | 2.42 % | ||
| Current price: | 2.70 | |||
| Support | S1 | 2.68 | -0.692 % | |
| S2 | 2.66 | -1.65 % | ||
| S3 | 2.61 | -3.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.91 | 7.78 % | |
| R2 | 2.82 | 4.44 % | ||
| R1 | 2.74 | 1.48 % | ||
| Current price | 2.70 | |||
| Support | S1 | 2.68 | -0.741% | |
| S2 | 2.67 | -1.11% | ||
| S3 | 2.63 | -2.59% |
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