ReadyTech Holdings Limited Stock Forecast

ReadyTech Holdings Limited stock downgraded from Hold/Accumulate to Sell Candidate after Monday trading session.
(Updated on May 06, 2024)

RDY.AX Signals & Forecast

There are few to no technical positive signals at the moment. The ReadyTech Holdings Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $3.39 and $3.37. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -4.82%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). ReadyTech Holdings Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.

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

ReadyTech Holdings Limited finds support from accumulated volume at $3.34 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 0.83%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (RDY.AX) For The Upcoming Trading Day Of Tuesday 7th

For the upcoming trading day on Tuesday, 7th we expect ReadyTech Holdings Limited to open at $3.37, and during the day (based on 14 day Average True Range), to move between $3.30 and $3.42, which gives a possible trading interval of +/-$0.0623 (+/-1.85%) up or down from last closing price. If ReadyTech Holdings Limited takes out the full calculated possible swing range there will be an estimated 3.71% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $3.34 (0.60%) than the resistance at $3.39 (0.89%), 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 negative signals and is within a 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.382 Sell Candidate Downgraded

Predicted Opening Price for ReadyTech Holdings Limited of Tuesday, May 7, 2024

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