Screaming Eagle Acquisition Corp. Stock Forecast
Screaming Eagle Acquisition Corp. stock downgraded to Hold/Accumulate
(Updated on Apr 30, 2024)
The Screaming Eagle Acquisition Corp. stock price fell by -0.325% on the last day (Tuesday, 30th Apr 2024) from $10.78 to $10.74. During the last trading day the stock fluctuated 0.326% from a day low at $10.74 to a day high of $10.78. The price has fallen in 4 of the last 10 days and is down by -0.19% for this period. Volume has increased on the last day by 3 million 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, 3 million shares were bought and sold for approximately $33.27 million.
The stock is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Screaming Eagle Acquisition Corp. stock with a 90% probability to be traded between $10.87 and $10.96 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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SCRM Signals & Forecast
The Screaming Eagle Acquisition Corp. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $10.77. On a fall, the stock will find some support from the long-term average at approximately $10.72. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Friday, April 26, 2024, and so far it has fallen -0.556%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Screaming Eagle Acquisition Corp. stock
Screaming Eagle Acquisition Corp. finds support from accumulated volume at $10.69 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.0350 between high and low, or 0.326%. For the last week the stock has had daily average volatility of 0.381%.
Our recommended stop-loss: $10.41 (-3.06%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (SCRM) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Screaming Eagle Acquisition Corp. to open at $10.75, and during the day (based on 14 day Average True Range), to move between $10.70 and $10.78, which gives a possible trading interval of +/-$0.0379 (+/-0.35%) up or down from last closing price. If Screaming Eagle Acquisition Corp. takes out the full calculated possible swing range there will be an estimated 0.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $10.75 (0.09%) than the support at $10.69 (0.47%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Screaming Eagle Acquisition Corp. stock A Buy?
Screaming Eagle Acquisition Corp. 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: 0.398 Hold/Accumulate Downgraded
Predicted Opening Price for Screaming Eagle Acquisition Corp. of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $10.75 ( 0.109%) | $10.74 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SCRM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.79 | 0.435 % | |
| R2 | 10.77 | 0.310 % | ||
| R1 | 10.77 | 0.233 % | ||
| Current price: | 10.74 | |||
| Support | S1 | 10.74 | -0.0159 % | |
| S2 | 10.73 | -0.0928 % | ||
| S3 | 10.72 | -0.217 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.80 | 0.559 % | |
| R2 | 10.77 | 0.279 % | ||
| R1 | 10.75 | 0.0931 % | ||
| Current price | 10.74 | |||
| Support | S1 | 10.69 | -0.466% | |
| S2 | 10.68 | -0.559% | ||
| S3 | 10.64 | -0.93% |
FAQ
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