ReadyTech Holdings Limited Stock Forecast

ReadyTech Holdings Limited stock downgraded from Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Apr 24, 2024)

RDY.AX Signals & Forecast

The ReadyTech Holdings Limited 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 $3.38 and $3.36. 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). ReadyTech Holdings Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. 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 Wednesday, April 10, 2024, and so far it has fallen -3.68%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for ReadyTech Holdings Limited stock

ReadyTech Holdings Limited finds support from accumulated volume at $3.39 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.0400 (1.19%) between high and low. For the last week, the stock has had daily average volatility of 1.43%.

Our recommended stop-loss: $3.25 (-4.56%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 10 days ago.)

Trading Expectations (RDY.AX) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect ReadyTech Holdings Limited to open at $3.39, and during the day (based on 14 day Average True Range), to move between $3.32 and $3.48, which gives a possible trading interval of +/-$0.0766 (+/-2.25%) up or down from last closing price. If ReadyTech Holdings Limited takes out the full calculated possible swing range there will be an estimated 4.51% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $3.39 (0.29%) than the resistance at $3.42 (0.59%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is ReadyTech Holdings Limited stock A Buy?

ReadyTech Holdings Limited 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.279 Hold/Accumulate Downgraded

Predicted Opening Price for ReadyTech Holdings Limited of Friday, April 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.