Optiva Inc. Stock Forecast
Volatile ride for Optiva Inc. stock price on Friday moving between $5.90 and $7.50
(Updated on May 17, 2024)
The Optiva Inc. stock price fell by -4.97% on the last day (Friday, 17th May 2024) from $7.84 to $7.45. During the last trading day the stock fluctuated 27.12% from a day low at $5.90 to a day high of $7.50. The price has been going up and down for this period, and there has been a 24.17% gain for the last 2 weeks. Volume has increased on the last day by 3 thousand 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, 3 thousand shares were bought and sold for approximately $22.87 thousand.
The stock lies in the upper part of a very wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $7.85 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 4.17% during the next 3 months and, with a 90% probability hold a price between $4.88 and $8.17 at the end of this 3-month period.
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OPT.TO Signals & Forecast
The Optiva Inc. 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 $6.62 and $6.19. A breakdown below any of these levels will issue sell signals. 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 Thursday, May 16, 2024, and so far it has fallen -4.97%. Further fall is indicated until a new bottom pivot has been found. Optiva 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 Optiva Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $7.00 and $6.00. 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, Optiva Inc. finds support just below today's level at $7.00. If this is broken, then the next support from accumulated volume will be at $6.00 and $5.70.
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 $1.60 between high and low, or 27.12%. For the last week, the stock has had daily average volatility of 36.67%.
Our recommended stop-loss: $7.10 (-4.65%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (OPT.TO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Optiva Inc. to open at $6.95, and during the day (based on 14 day Average True Range), to move between $6.81 and $8.09, which gives a possible trading interval of +/-$0.637 (+/-8.55%) up or down from last closing price. If Optiva Inc. takes out the full calculated possible swing range there will be an estimated 17.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $7.84 (5.23%) than the support at $7.00 (6.04%), 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 Optiva Inc. stock A Buy?
Optiva 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: 0.000 Hold/Accumulate Unchanged
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 Optiva Inc. of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $6.95 ( 6.71%) | $7.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OPT.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.55 | 14.77 % | |
| R2 | 7.94 | 6.56 % | ||
| R1 | 7.56 | 1.49 % | ||
| Current price: | 7.45 | |||
| Support | S1 | 6.34 | -14.92 % | |
| S2 | 5.96 | -19.98 % | ||
| S3 | 5.35 | -28.19 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 7.84 | 5.23 % | ||
| Current price | 7.45 | |||
| Support | S1 | 7.00 | -6.04% | |
| S2 | 6.00 | -19.46% | ||
| S3 | 5.70 | -23.49% |
FAQ
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