Red Cat Holdings, Inc. Stock Forecast
High volatility in Red Cat Holdings, Inc. stock price on Wednesday which ended trading at $1.51
(Updated on May 01, 2024)
The Red Cat Holdings, Inc. stock price fell by -1.31% on the last day (Wednesday, 1st May 2024) from $1.53 to $1.51. During the last trading day the stock fluctuated 18.52% from a day low at $1.35 to a day high of $1.60. The price has been going up and down for this period, and there has been a 6.34% gain for the last 2 weeks. 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 -1 million shares and in total, 1 million shares were bought and sold for approximately $2.07 million.
The stock lies in the upper part of a very wide and strong 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 $1.54 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 84.85% during the next 3 months and, with a 90% probability hold a price between $1.83 and $2.85 at the end of this 3-month period.
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RCAT Signals & Forecast
The Red Cat Holdings, 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 $1.44 and $0.99. 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 Tuesday, April 30, 2024, and so far it has fallen -1.31%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Red Cat Holdings, Inc. stock
Red Cat Holdings, Inc. finds support from accumulated volume at $1.46 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.250 between high and low, or 18.52%. For the last week, the stock has had daily average volatility of 16.47%.
Our recommended stop-loss: $1.45 (-4.16%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (RCAT) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Red Cat Holdings, Inc. to open at $1.49, and during the day (based on 14 day Average True Range), to move between $1.33 and $1.69, which gives a possible trading interval of +/-$0.178 (+/-11.76%) up or down from last closing price. If Red Cat Holdings, Inc. takes out the full calculated possible swing range there will be an estimated 23.52% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.52 (0.66%) than the support at $1.46 (3.31%), 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 Red Cat Holdings, Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Red Cat Holdings, Inc. stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.440 Buy Candidate Downgraded
Predicted Opening Price for Red Cat Holdings, Inc. of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $1.49 ( 1.55%) | $1.51 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RCAT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.74 | 15.01 % | |
| R2 | 1.64 | 8.69 % | ||
| R1 | 1.58 | 4.78 % | ||
| Current price: | 1.51 | |||
| Support | S1 | 1.39 | -7.87 % | |
| S2 | 1.33 | -11.78 % | ||
| S3 | 1.24 | -18.10 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 1.53 | 1.32 % | ||
| R1 | 1.52 | 0.662 % | ||
| Current price | 1.51 | |||
| Support | S1 | 1.46 | -3.31% | |
| S2 | 1.42 | -5.96% | ||
| S3 | 1.30 | -13.91% |
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