Neonode Inc. Stock Forecast
Neonode Inc. stock price up more than 5.37% on Tuesday
(Updated on Jul 02, 2024)
The Neonode Inc. stock price gained 5.37% on the last trading day (Tuesday, 2nd Jul 2024), rising from $2.05 to $2.16. During the last trading day the stock fluctuated 5.83% from a day low at $2.06 to a day high of $2.18. The price has fallen in 6 of the last 10 days but is still up by 1.89% 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, 692 more shares were traded than the day before. In total, 17 thousand shares were bought and sold for approximately $36.36 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $2.06 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 33.02% during the next 3 months and, with a 90% probability hold a price between $2.75 and $4.91 at the end of this 3-month period.
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NEON Signals & Forecast
Neonode 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. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Neonode Inc. 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 $2.16 and $2.40. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 29, 2024, and so far it has fallen -35.52%. 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).
Support, Risk & Stop-loss for Neonode Inc. stock
Neonode Inc. finds support from accumulated volume at $2.15 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 $0.120 between high and low, or 5.83%. For the last week, the stock has had daily average volatility of 4.95%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NEON) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Neonode Inc. to open at $2.13, and during the day (based on 14 day Average True Range), to move between $1.94 and $2.38, which gives a possible trading interval of +/-$0.223 (+/-10.32%) up or down from last closing price. If Neonode Inc. takes out the full calculated possible swing range there will be an estimated 20.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.15 (0.46%) than the resistance at $2.20 (1.85%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Neonode Inc. stock A Buy?
The Neonode Inc. stock holds several negative signals and despite the positive trend, we believe Neonode Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -4.148 Sell Candidate Unchanged
Predicted Opening Price for Neonode Inc. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $2.13 ( 1.23%) | $2.16 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NEON
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.25 | 4.32% |
| R2 | 2.21 | 2.20% |
| R1 | 2.18 | 0.89% |
| Price | 2.16 | |
| S1 | 2.09 | -3.36% |
| S2 | 2.06 | -4.67% |
| S3 | 2.01 | -6.79% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.59 | 19.91% |
| R2 | 2.29 | 6.02% |
| R1 | 2.20 | 1.85% |
| Price | 2.16 | |
| S1 | 2.15 | -0.463% |
| S2 | 1.91 | -11.57% |
| S3 | 1.63 | -24.54% |
FAQ
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