Ocean Power Technologies Stock Forecast
Big movements in Ocean Power Technologies stock price on Tuesday moving 48.29% between high and low
(Updated on Jul 02, 2024)
The Ocean Power Technologies stock price gained 86.10% on the last trading day (Tuesday, 2nd Jul 2024), rising from $0.276 to $0.514. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 48.29% from a day low at $0.384 to a day high of $0.569. The price has risen in 6 of the last 10 days and is up by 292.07% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 460 million more shares were traded than the day before. In total, 577 million shares were bought and sold for approximately $296.47 million.
Given the current short-term trend, the stock is expected to fall -9.02% during the next 3 months and, with a 90% probability hold a price between $0.109 and $0.468 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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OPTT Signals & Forecast
The Ocean Power Technologies 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 $0.228 and $0.182. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 18, 2024, and so far it has risen 304.72%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Ocean Power Technologies stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $0.185 between high and low, or 48.29%. For the last week, the stock has had daily average volatility of 42.02%.
The Ocean Power Technologies stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $0.498 (-3.20%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 90 and this increases the risk substantially. There is a buy signal from a pivot bottom found 24 days ago.)
Trading Expectations (OPTT) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Ocean Power Technologies to open at $0.489, and during the day (based on 14 day Average True Range), to move between $0.462 and $0.566, which gives a possible trading interval of +/-$0.0524 (+/-10.20%) up or down from last closing price. If Ocean Power Technologies takes out the full calculated possible swing range there will be an estimated 20.40% move between the lowest and the highest trading price during the day.
Earnings coming up
Ocean Power Technologies will release earnings BMO on Wednesday, July 10, 2024. We will update the financials statements for Ocean Power Technologies, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 11.94% in the first trading day after earnings release.
Is Ocean Power Technologies stock A Buy?
Ocean Power Technologies 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 Ocean Power Technologies of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $0.489 ( 4.85%) | $0.514 |
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 | |
|---|---|---|
| R3 | 0.674 | 31.22% |
| R2 | 0.604 | 17.44% |
| R1 | 0.560 | 8.93% |
| Price | 0.514 | |
| S1 | 0.418 | -18.63% |
| S2 | 0.374 | -27.14% |
| S3 | 0.304 | -40.92% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 0.514 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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