Optiscan Imaging Ltd Stock Forecast

Strong day for Optiscan Imaging Ltd stock price on Friday rising 6.82% to A$0.235
(Updated on Jun 28, 2024)

OIL.AX Signals & Forecast

The Optiscan Imaging Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at A$0.208 and A$0.143. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 67.86%. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.

Support, Risk & Stop-loss for Optiscan Imaging Ltd stock

On the downside, the stock finds support just below today's level from accumulated volume at A$0.220 and A$0.205. 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, Optiscan Imaging Ltd finds support just below today's level at A$0.220. If this is broken, then the next support from accumulated volume will be at A$0.205 and A$0.180.

This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved A$0.0150 between high and low, or 6.52%. For the last week the stock has had daily average volatility of 12.29%.

The Optiscan Imaging Ltd stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: A$0.228 (-2.98%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 13 days ago.)

Trading Expectations (OIL.AX) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Optiscan Imaging Ltd to open at A$0.237, and during the day (based on 14 day Average True Range), to move between A$0.218 and A$0.252, which gives a possible trading interval of +/-A$0.0175 (+/-7.44%) up or down from last closing price. If Optiscan Imaging Ltd takes out the full calculated possible swing range there will be an estimated 14.88% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ A$0.220, some A$0.0150 (6.38%) from the current price of A$0.235, our system finds the risk reward attractive.

Is Optiscan Imaging Ltd stock A Buy?

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Optiscan Imaging Ltd stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 8.375 Strong Buy Candidate Upgraded

Predicted Opening Price for Optiscan Imaging Ltd of Monday, July 1, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.