Ocean Power Technologies Stock Forecast
Red day on Thursday for Ocean Power Technologies
(Updated on Mar 28, 2024)
The Ocean Power Technologies stock price fell by -1.12% on the last day (Thursday, 28th Mar 2024) from $0.268 to $0.265. During the last trading day the stock fluctuated 2.64% from a day low at $0.265 to a day high of $0.272. The price has fallen in 6 of the last 10 days and is down by -7.99% 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 -119 thousand shares and in total, 406 thousand shares were bought and sold for approximately $107.61 thousand.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.249 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -8.11% during the next 3 months and, with a 90% probability hold a price between $0.229 and $0.313 at the end of this 3-month period.
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OPTT Signals & Forecast
There are mixed signals in the stock today. The Ocean Power Technologies 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 $0.271 and $0.298. 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. A buy signal was issued from a pivot bottom point on Monday, March 25, 2024, and so far it has risen 3.07%. 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 Ocean Power Technologies stock
Ocean Power Technologies finds support from accumulated volume at $0.257 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 $0.0070 between high and low, or 2.64%. For the last week the stock has had daily average volatility of 5.83%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OPTT) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Ocean Power Technologies to open at $0.267, and during the day (based on 14 day Average True Range), to move between $0.244 and $0.286, which gives a possible trading interval of +/-$0.0207 (+/-7.81%) up or down from last closing price. If Ocean Power Technologies takes out the full calculated possible swing range there will be an estimated 15.62% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.257 (2.98%) than the resistance at $0.286 (7.92%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Ocean Power Technologies stock A Buy?
Ocean Power Technologies 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.
Current score: -4.745 Sell Candidate Unchanged
Predicted Opening Price for Ocean Power Technologies of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$0.267 ( 0.88%) | $0.265 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OPTT
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.274 | 3.52 % | |
R2 | 0.272 | 2.51 % | ||
R1 | 0.270 | 1.89 % | ||
Current price: | 0.265 | |||
Support | S1 | 0.265 | -0.129 % | |
S2 | 0.263 | -0.752 % | ||
S3 | 0.260 | -1.76 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.315 | 18.87 % | |
R2 | 0.288 | 8.68 % | ||
R1 | 0.286 | 7.92 % | ||
Current price | 0.265 | |||
Support | S1 | 0.257 | -2.98% | |
S2 | 0 | . | ||
S3 | 0 | . |
FAQ
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