Newegg Commerce, Inc. Stock Forecast
Newegg Commerce, Inc. stock downgraded to Sell Candidate
(Updated on Apr 24, 2024)
The Newegg Commerce, Inc. stock price fell by -2.38% on the last day (Wednesday, 24th Apr 2024) from $0.80 to $0.784. During the last trading day the stock fluctuated 9.79% from a day low at $0.760 to a day high of $0.83. The price has been going up and down for this period, and there has been a -3.53% loss for the last 2 weeks. Volume has increased on the last day by 36 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, 224 thousand shares were bought and sold for approximately $175.92 thousand.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $0.724 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Newegg Commerce, Inc. stock with a 90% probability to be traded between $0.719 and $1.14 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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NEGG Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 8.13%. 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 Newegg Commerce, Inc. 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 $0.92. On a fall, the stock will find some support from the short-term average at $0.755. 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. Newegg Commerce, Inc. 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".
Support, Risk & Stop-loss for Newegg Commerce, Inc. stock
Newegg Commerce, Inc. finds support from accumulated volume at $0.752 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 $0.0744 between high and low, or 9.79%. For the last week, the stock has had daily average volatility of 6.69%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NEGG) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Newegg Commerce, Inc. to open at $0.793, and during the day (based on 14 day Average True Range), to move between $0.725 and $0.84, which gives a possible trading interval of +/-$0.0586 (+/-7.48%) up or down from last closing price. If Newegg Commerce, Inc. takes out the full calculated possible swing range there will be an estimated 14.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.785 (0.20%) than the support at $0.752 (4.04%), 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.
Earnings coming up
Newegg Commerce, Inc. will release earnings BMO on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.0200. We will update the financials statements for Newegg Commerce, Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 8.26% in the first trading day after earnings release.
Is Newegg Commerce, Inc. stock A Buy?
Newegg Commerce, Inc. holds several negative signals and we believe that 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: -3.242 Sell Candidate Downgraded
Predicted Opening Price for Newegg Commerce, Inc. of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $0.793 ( 1.15%) | $0.784 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NEGG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.87 | 10.64 % | |
| R2 | 0.84 | 7.02 % | ||
| R1 | 0.82 | 4.77 % | ||
| Current price: | 0.784 | |||
| Support | S1 | 0.764 | -2.48 % | |
| S2 | 0.747 | -4.72 % | ||
| S3 | 0.718 | -8.35 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.93 | 18.09 % | |
| R2 | 0.85 | 8.46 % | ||
| R1 | 0.785 | 0.204 % | ||
| Current price | 0.784 | |||
| Support | S1 | 0.752 | -4.04% | |
| S2 | 0.700 | -10.71% | ||
| S3 | 0.690 | -11.92% |
FAQ
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