SharpLink Gaming Ltd. Stock Forecast
Is SharpLink Gaming Ltd. stock still a buy after falling -8.93% on Tuesday?
(Updated on Apr 30, 2024)
The SharpLink Gaming Ltd. stock price fell by -8.93% on the last day (Tuesday, 30th Apr 2024) from $1.13 to $1.03. During the last trading day the stock fluctuated 8.16% from a day low at $0.98 to a day high of $1.06. The price has fallen in 6 of the last 10 days and is down by -21.37% for this period. Volume has increased on the last day by 12 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 32 thousand shares were bought and sold for approximately $33.46 thousand.
Given the current horizontal trend, you can expect SharpLink Gaming Ltd. stock with a 90% probability to be traded between $1.02 and $1.53 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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SBET Signals & Forecast
There are few to no technical positive signals at the moment. The SharpLink Gaming Ltd. 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 $1.13 and $1.35. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 21, 2024, and so far it has fallen -34.11%. 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). SharpLink Gaming Ltd. 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 SharpLink Gaming Ltd. stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0800 between high and low, or 8.16%. For the last week, the stock has had daily average volatility of 10.51%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SBET) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect SharpLink Gaming Ltd. to open at $1.02, and during the day (based on 14 day Average True Range), to move between $0.93 and $1.13, which gives a possible trading interval of +/-$0.0964 (+/-9.36%) up or down from last closing price. If SharpLink Gaming Ltd. takes out the full calculated possible swing range there will be an estimated 18.73% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $1.04, some $0.0100 (0.97%) from the current price of $1.03, our system finds the risk reward not very attractive.
Is SharpLink Gaming Ltd. stock A Buy?
SharpLink Gaming Ltd. holds several negative signals and is within a very 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 Strong Sell candidate.
Current score: -7.270 Strong Sell Candidate Downgraded
Predicted Opening Price for SharpLink Gaming Ltd. of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $1.02 ( 0.654%) | $1.03 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SBET
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.10 | 7.11 % | |
| R2 | 1.07 | 4.15 % | ||
| R1 | 1.05 | 2.31 % | ||
| Current price: | 1.03 | |||
| Support | S1 | 0.99 | -3.62 % | |
| S2 | 0.97 | -5.45 % | ||
| S3 | 0.94 | -8.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.23 | 19.41 % | |
| R2 | 1.10 | 6.79 % | ||
| R1 | 1.04 | 0.97 % | ||
| Current price | 1.03 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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