Stronghold Digital Mining, Inc. Stock Forecast
Volatile ride for Stronghold Digital Mining, Inc. stock price on Friday moving between $3.46 and $3.92
(Updated on Apr 26, 2024)
The Stronghold Digital Mining, Inc. stock price fell by -8.64% on the last day (Friday, 26th Apr 2024) from $3.82 to $3.49. During the last trading day the stock fluctuated 13.46% from a day low at $3.46 to a day high of $3.92. The price has risen in 5 of the last 10 days and is up by 10.79% over the past 2 weeks. Volume has increased on the last day by 103 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, 397 thousand shares were bought and sold for approximately $1.39 million.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $3.78 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -40.17% during the next 3 months and, with a 90% probability hold a price between $1.11 and $2.26 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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SDIG Signals & Forecast
There are mixed signals in the stock today. The Stronghold Digital Mining, 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 $3.64. On a fall, the stock will find some support from the short-term average at $3.35. 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. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -8.64%. Further fall is indicated until a new bottom pivot has been found. Stronghold Digital Mining, Inc. 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". Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Stronghold Digital Mining, Inc. stock
Stronghold Digital Mining, Inc. finds support from accumulated volume at $3.39 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 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 $0.465 between high and low, or 13.46%. For the last week, the stock has had daily average volatility of 19.90%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SDIG) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Stronghold Digital Mining, Inc. to open at $3.62, and during the day (based on 14 day Average True Range), to move between $3.01 and $3.97, which gives a possible trading interval of +/-$0.478 (+/-13.69%) up or down from last closing price. If Stronghold Digital Mining, Inc. takes out the full calculated possible swing range there will be an estimated 27.38% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.39 (2.87%) than the resistance at $3.62 (3.72%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Stronghold Digital Mining, Inc. stock A Buy?
Stronghold Digital Mining, 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. 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 Sell candidate.
Current score: -2.780 Sell Candidate Downgraded
Predicted Opening Price for Stronghold Digital Mining, Inc. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $3.62 ( 3.77%) | $3.49 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SDIG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.09 | 17.10 % | |
| R2 | 3.91 | 12.01 % | ||
| R1 | 3.80 | 8.86 % | ||
| Current price: | 3.49 | |||
| Support | S1 | 3.44 | -1.32 % | |
| S2 | 3.33 | -4.46 % | ||
| S3 | 3.16 | -9.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.20 | 20.34 % | |
| R2 | 3.64 | 4.30 % | ||
| R1 | 3.62 | 3.72 % | ||
| Current price | 3.49 | |||
| Support | S1 | 3.39 | -2.87% | |
| S2 | 3.15 | -9.74% | ||
| S3 | 2.69 | -22.92% |
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