Ocado Group plc Stock Forecast
Evaluation of Ocado Group plc stock downgraded after the last trading session.
(Updated on May 08, 2024)
The Ocado Group plc stock price fell by -3.84% on the last day (Wednesday, 8th May 2024) from $4.48 to $4.31. During the last trading day the stock fluctuated 2.51% from a day low at $4.20 to a day high of $4.31. The price has fallen in 4 of the last 10 days and is down by -6.1% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -594 shares and in total, 700 shares were bought and sold for approximately $3.01 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 -38.61% during the next 3 months and, with a 90% probability hold a price between $2.14 and $2.81 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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OCDGF Signals & Forecast
There are mixed signals in the stock today. The Ocado Group plc 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 $4.36 and $4.88. A break-up above any of these levels will issue buy signals. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 1.54%. 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).
Support, Risk & Stop-loss for Ocado Group plc stock
Ocado Group plc finds support from accumulated volume at $4.26 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.106 between high and low, or 2.51%. For the last week the stock has had daily average volatility of 1.50%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OCDGF) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Ocado Group plc to open at $4.27, and during the day (based on 14 day Average True Range), to move between $4.18 and $4.43, which gives a possible trading interval of +/-$0.126 (+/-2.93%) up or down from last closing price. If Ocado Group plc takes out the full calculated possible swing range there will be an estimated 5.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.35 (1.03%) than the support at $4.26 (1.06%), 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.
Is Ocado Group plc stock A Buy?
Ocado Group plc 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: -2.458 Sell Candidate Downgraded
Predicted Opening Price for Ocado Group plc of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $4.27 ( 0.82%) | $4.31 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OCDGF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.38 | 1.63 % | |
| R2 | 4.34 | 0.698 % | ||
| R1 | 4.31 | 0.119 % | ||
| Current price: | 4.31 | |||
| Support | S1 | 4.23 | -1.75 % | |
| S2 | 4.21 | -2.33 % | ||
| S3 | 4.16 | -3.27 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.80 | 11.49 % | |
| R2 | 4.40 | 2.08 % | ||
| R1 | 4.35 | 1.03 % | ||
| Current price | 4.31 | |||
| Support | S1 | 4.26 | -1.06% | |
| S2 | 4.24 | -1.52% | ||
| S3 | 0 | . |
FAQ
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