Nano Magic Inc. Stock Forecast
Is Nano Magic Inc. stock still a buy after falling -30.27% on Wednesday?
(Updated on May 22, 2024)
The Nano Magic Inc. stock price fell by -30.27% on the last day (Wednesday, 22nd May 2024) from $1.09 to $0.760. During the last trading day the stock fluctuated 0% from a day low at $0.760 to a day high of $0.760. The price has been going up and down for this period, and there has been a -23.99% loss for the last 2 weeks. Volume has increased on the last day by 200 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, 200 shares were bought and sold for approximately $152.02 .
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 102.11% during the next 3 months and, with a 90% probability hold a price between $0.92 and $2.38 at the end of this 3-month period.
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NMGX Signals & Forecast
The Nano Magic Inc. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $1.08. On a fall, the stock will find some support from the long-term average at approximately $0.687. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Friday, May 17, 2024, and so far it has fallen -33.91%. Further fall is indicated until a new bottom pivot has been found. Nano Magic 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". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Nano Magic Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.720 and $0.710. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Nano Magic Inc. finds support just below today's level at $0.720. If this is broken, then the next support from accumulated volume will be at $0.710 and $0.580.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0 between high and low, or 0%. For the last week, the stock has had daily average volatility of 2.23%.
Our recommended stop-loss: $0.723 (-4.94%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (NMGX) For The Upcoming Trading Day Of Thursday 23rd
For the upcoming trading day on Thursday, 23rd we expect Nano Magic Inc. to open at $0.760, and during the day (based on 14 day Average True Range), to move between $0.607 and $0.91, which gives a possible trading interval of +/-$0.153 (+/-20.20%) up or down from last closing price. If Nano Magic Inc. takes out the full calculated possible swing range there will be an estimated 40.39% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.720, some $0.0401 (5.27%) from the current price of $0.760, our system finds the risk reward attractive.
Is Nano Magic Inc. stock A Buy?
Nano Magic 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Nano Magic Inc. of Thursday, May 23, 2024
| Fair opening price May 23, 2024 | Current price |
|---|---|
| $0.760 ( 0%) | $0.760 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NMGX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.760 | . | |
| R2 | 0.760 | . | ||
| R1 | 0.760 | . | ||
| Current price: | 0.760 | |||
| Support | S1 | 0.760 | . | |
| S2 | 0.760 | . | ||
| S3 | 0.760 | . |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.760 | |||
| Support | S1 | 0.720 | -5.27% | |
| S2 | 0.710 | -6.59% | ||
| S3 | 0.580 | -23.69% |
FAQ
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