Phoenix Motor Inc. Stock Forecast
Big movements in Phoenix Motor Inc. stock price on Tuesday moving 11.73% between high and low
(Updated on May 07, 2024)
The Phoenix Motor Inc. stock price gained 6.38% on the last trading day (Tuesday, 7th May 2024), rising from $0.451 to $0.480. 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 11.73% from a day low at $0.448 to a day high of $0.500. The price has been going up and down for this period, and there has been a -22.47% loss for the last 2 weeks. Volume fell on the last day by -10 thousand shares and in total, 97 thousand shares were bought and sold for approximately $46.59 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 -49.80% during the next 3 months and, with a 90% probability hold a price between $0.201 and $0.335 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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PEV Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 10.93%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Phoenix Motor Inc. 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 $0.501 and $0.699. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Phoenix Motor Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.451 and $0.450. 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, Phoenix Motor Inc. finds support just below today's level at $0.451. If this is broken, then the next support from accumulated volume will be at $0.450 and $0.433.
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 $0.0525 between high and low, or 11.73%. For the last week the stock has had daily average volatility of 17.99%.
Phoenix Motor Inc. is oversold on RSI14 (19). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PEV) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Phoenix Motor Inc. to open at $0.476, and during the day (based on 14 day Average True Range), to move between $0.410 and $0.550, which gives a possible trading interval of +/-$0.0702 (+/-14.63%) up or down from last closing price. If Phoenix Motor Inc. takes out the full calculated possible swing range there will be an estimated 29.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.451 (6.00%) than the resistance at $0.561 (16.88%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Phoenix Motor Inc. stock A Buy?
Phoenix Motor Inc. holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -4.179 Sell Candidate Unchanged
Predicted Opening Price for Phoenix Motor Inc. of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $0.476 ( 0.87%) | $0.480 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PEV
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.528 | 10.07 % | |
| R2 | 0.508 | 5.89 % | ||
| R1 | 0.496 | 3.31 % | ||
| Current price: | 0.480 | |||
| Support | S1 | 0.456 | -5.05 % | |
| S2 | 0.443 | -7.63 % | ||
| S3 | 0.423 | -11.81 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.593 | 23.54 % | |
| R2 | 0.583 | 21.42 % | ||
| R1 | 0.561 | 16.88 % | ||
| Current price | 0.480 | |||
| Support | S1 | 0.451 | -6.00% | |
| S2 | 0.450 | -6.25% | ||
| S3 | 0.433 | -9.85% |
FAQ
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