Newegg Commerce, Inc. Stock Forecast
Newegg Commerce, Inc. stock price up 3.41% on Friday
(Updated on May 03, 2024)
The Newegg Commerce, Inc. stock price gained 3.41% on the last trading day (Friday, 3rd May 2024), rising from $0.85 to $0.87. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 8.42% from a day low at $0.83 to a day high of $0.90. The price has risen in 7 of the last 10 days and is up by 15.9% 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, 303 thousand more shares were traded than the day before. In total, 705 thousand shares were bought and sold for approximately $616.39 thousand.
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 -10.83% during the next 3 months and, with a 90% probability hold a price between $0.624 and $0.97 at the end of this 3-month period.
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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 20.56%. 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). Newegg Commerce, Inc. 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. Higher liquidity also reduces the general risk. 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 $0.88. On a fall, the stock will find some support from the short-term average at $0.82. 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.
Support, Risk & Stop-loss for Newegg Commerce, Inc. stock
Newegg Commerce, Inc. finds support from accumulated volume at $0.84 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 $0.0699 between high and low, or 8.42%. For the last week, the stock has had daily average volatility of 6.95%.
Our recommended stop-loss: $0.84 (-3.58%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (NEGG) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Newegg Commerce, Inc. to open at $0.87, and during the day (based on 14 day Average True Range), to move between $0.81 and $0.93, which gives a possible trading interval of +/-$0.0591 (+/-6.77%) up or down from last closing price. If Newegg Commerce, Inc. takes out the full calculated possible swing range there will be an estimated 13.53% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.84 (3.87%) than the resistance at $0.93 (5.92%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Newegg Commerce, Inc. stock A Buy?
Newegg Commerce, Inc. 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.
Current score: 0.961 Hold/Accumulate Unchanged
Predicted Opening Price for Newegg Commerce, Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.87 ( 0.675%) | $0.87 |
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 | 0.94 | 7.32 % | |
| R2 | 0.91 | 4.27 % | ||
| R1 | 0.89 | 2.38 % | ||
| Current price: | 0.87 | |||
| Support | S1 | 0.84 | -3.73 % | |
| S2 | 0.82 | -5.62 % | ||
| S3 | 0.798 | -8.67 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.06 | 21.31 % | |
| R2 | 1.00 | 14.44 % | ||
| R1 | 0.93 | 5.92 % | ||
| Current price | 0.87 | |||
| Support | S1 | 0.84 | -3.87% | |
| S2 | 0.83 | -4.66% | ||
| S3 | 0.795 | -8.98% |
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