Redwoods Acquisition Corp. Stock Forecast

On Friday, Redwoods Acquisition Corp. stock price gained an impressive 6.25%
(Updated on Jun 21, 2024)

RWODW Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, June 14, 2024, and so far it has risen 39.34%. Further rise is indicated until a new top pivot has been found. Redwoods Acquisition Corp. 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. The Redwoods Acquisition Corp. 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 $0.0433 and $0.0504. 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).

Support, Risk & Stop-loss for Redwoods Acquisition Corp. stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.0402 and $0.0400. 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, Redwoods Acquisition Corp. finds support just below today's level at $0.0402. If this is broken, then the next support from accumulated volume will be at $0.0400 and $0.0351.

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 between high and low, or 0%. For the last week, the stock has had daily average volatility of 6.23%.

Our recommended stop-loss: $0.0407 (-4.20%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 15 days ago.)

Trading Expectations (RWODW) For The Upcoming Trading Day Of Monday 24th

For the upcoming trading day on Monday, 24th we expect Redwoods Acquisition Corp. to open at $0.0425, and during the day (based on 14 day Average True Range), to move between $0.0309 and $0.0541, which gives a possible trading interval of +/-$0.0116 (+/-27.32%) up or down from last closing price. If Redwoods Acquisition Corp. takes out the full calculated possible swing range there will be an estimated 54.64% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.0402 (5.41%) than the resistance at $0.0456 (7.29%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Redwoods Acquisition Corp. stock A Buy?

Redwoods Acquisition Corp. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Redwoods Acquisition Corp. of Monday, June 24, 2024

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