Stronghold Digital Mining, Inc. Stock Forecast
Stronghold Digital Mining, Inc. stock upgraded to Sell Candidate.
(Updated on May 09, 2024)
The Stronghold Digital Mining, Inc. stock price gained 4.36% on the last trading day (Thursday, 9th May 2024), rising from $2.98 to $3.11. During the last trading day the stock fluctuated 8.25% from a day low at $2.91 to a day high of $3.15. The price has fallen in 6 of the last 10 days and is down by -18.59% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 49 thousand more shares were traded than the day before. In total, 233 thousand shares were bought and sold for approximately $725.82 thousand.
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 $3.38 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 -44.19% during the next 3 months and, with a 90% probability hold a price between $0.80 and $1.89 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
SDIG Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Stronghold Digital Mining, Inc. 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Stronghold Digital Mining, Inc. 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 $3.12 and $3.37. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -18.59%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Stronghold Digital Mining, Inc. stock
Stronghold Digital Mining, Inc. finds support from accumulated volume at $2.96 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 $0.240 between high and low, or 8.25%. For the last week, the stock has had daily average volatility of 8.32%.
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 Friday 10th
For the upcoming trading day on Friday, 10th we expect Stronghold Digital Mining, Inc. to open at $3.06, and during the day (based on 14 day Average True Range), to move between $2.72 and $3.50, which gives a possible trading interval of +/-$0.391 (+/-12.58%) 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 25.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.96 (4.82%) than the resistance at $3.49 (12.22%), 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 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -4.331 Sell Candidate Upgraded
Predicted Opening Price for Stronghold Digital Mining, Inc. of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| $3.06 ( 1.71%) | $3.11 |
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 | 3.30 | 6.00 % | |
| R2 | 3.20 | 3.05 % | ||
| R1 | 3.15 | 1.23 % | ||
| Current price: | 3.11 | |||
| Support | S1 | 2.96 | -4.66 % | |
| S2 | 2.91 | -6.48 % | ||
| S3 | 2.82 | -9.43 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.64 | 17.04 % | |
| R2 | 3.62 | 16.40 % | ||
| R1 | 3.49 | 12.22 % | ||
| Current price | 3.11 | |||
| Support | S1 | 2.96 | -4.82% | |
| S2 | 2.69 | -13.50% | ||
| S3 | 2.37 | -23.79% |
FAQ
Click here for our free guide on how to buy Stronghold Digital Mining, Inc. Stock.
