Roadzen, Inc. Stock Forecast
High volatility in Roadzen, Inc. stock price on Wednesday which ended trading at $2.11
(Updated on Jun 26, 2024)
The Roadzen, Inc. stock price gained 4.98% on the last trading day (Wednesday, 26th Jun 2024), rising from $2.01 to $2.11. 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 28.90% from a day low at $1.73 to a day high of $2.23. The price has fallen in 5 of the last 10 days and is down by -15.6% for this period. Volume fell on the last day by -107 thousand shares and in total, 275 thousand shares were bought and sold for approximately $579.57 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 -65.94% during the next 3 months and, with a 90% probability hold a price between $0.450 and $0.83 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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RDZN Signals & Forecast
There are mixed signals in the stock today. The Roadzen, Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $2.95. On a fall, the stock will find some support from the short-term average at $2.07. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 also not. A buy signal was issued from a pivot bottom point on Friday, June 21, 2024, and so far it has risen 36.13%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for Roadzen, Inc. stock
Roadzen, Inc. finds support from accumulated volume at $2.01 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 periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.500 between high and low, or 28.90%. For the last week the stock has had daily average volatility of 31.63%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RDZN) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Roadzen, Inc. to open at $2.02, and during the day (based on 14 day Average True Range), to move between $1.71 and $2.51, which gives a possible trading interval of +/-$0.404 (+/-19.13%) up or down from last closing price. If Roadzen, Inc. takes out the full calculated possible swing range there will be an estimated 38.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.01 (4.74%) than the resistance at $2.32 (9.95%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Roadzen, Inc. stock A Buy?
Roadzen, Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.333 Sell Candidate Unchanged
Predicted Opening Price for Roadzen, Inc. of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| $2.02 ( 4.11%) | $2.11 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RDZN
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.52 | 19.59% |
| R2 | 2.33 | 10.54% |
| R1 | 2.21 | 4.94% |
| Price | 2.11 | |
| S1 | 1.83 | -13.16% |
| S2 | 1.71 | -18.75% |
| S3 | 1.52 | -27.80% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.50 | 18.48% |
| R2 | 2.43 | 15.17% |
| R1 | 2.32 | 9.95% |
| Price | 2.11 | |
| S1 | 2.01 | -4.74% |
| S2 | 2.00 | -5.21% |
| S3 | 0 | - |
FAQ
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