Slam Corp. Stock Forecast
Volatile ride for Slam Corp. stock price on Friday moving between $0.226 and $0.300
(Updated on Jun 28, 2024)
The Slam Corp. stock price fell by -0.480% on the last day (Friday, 28th Jun 2024) from $0.250 to $0.249. During the last trading day the stock fluctuated 32.57% from a day low at $0.226 to a day high of $0.300. The price has risen in 5 of the last 10 days and is up by 24.4% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -64 thousand shares and in total, 131 thousand shares were bought and sold for approximately $32.48 thousand.
The stock lies in the upper part of a very wide and weak rising 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 $0.255 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 6.85% during the next 3 months and, with a 90% probability hold a price between $0.155 and $0.273 at the end of this 3-month period.
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SLAMW Signals & Forecast
The Slam Corp. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.209 and $0.177. A breakdown below any of these levels will issue sell signals. 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 Thursday, June 27, 2024, and so far it has fallen -0.480%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
A buy signal from a double bottom formation was found on Thursday, April 25, 2024 with a target of $0.217. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.
Support, Risk & Stop-loss for Slam Corp. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.210 and $0.200. 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, Slam Corp. finds support just below today's level at $0.210. If this is broken, then the next support from accumulated volume will be at $0.200 and $0.200.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0736 between high and low, or 32.57%. For the last week the stock has had daily average volatility of 36.17%.
Our recommended stop-loss: $0.239 (-3.78%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (SLAMW) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Slam Corp. to open at $0.258, and during the day (based on 14 day Average True Range), to move between $0.202 and $0.295, which gives a possible trading interval of +/-$0.0466 (+/-18.72%) up or down from last closing price. If Slam Corp. takes out the full calculated possible swing range there will be an estimated 37.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.250 (0.48%) than the support at $0.210 (15.59%), 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 Slam Corp. stock A Buy?
Slam 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.
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 Slam Corp. of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $0.258 ( 3.75%) | $0.249 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SLAMW
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.332 | 33.33% |
| R2 | 0.304 | 22.03% |
| R1 | 0.286 | 15.05% |
| Price | 0.249 | |
| S1 | 0.230 | -7.55% |
| S2 | 0.213 | -14.53% |
| S3 | 0.185 | -25.83% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0.250 | 0.482% |
| Price | 0.249 | |
| S1 | 0.210 | -15.59% |
| S2 | 0.200 | -19.61% |
| S3 | 0.200 | -19.65% |
FAQ
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