Sharps Technology, Inc. Stock Forecast
Sharps Technology, Inc. stock downgraded to Sell Candidate
(Updated on Apr 17, 2024)
The Sharps Technology, Inc. stock price gained 0.83% on the last trading day (Wednesday, 17th Apr 2024), rising from $0.312 to $0.315. During the last trading day the stock fluctuated 5.72% from a day low at $0.301 to a day high of $0.318. The price has been going up and down for this period, and there has been a -5.32% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 thousand more shares were traded than the day before. In total, 27 thousand shares were bought and sold for approximately $8.36 thousand.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Sharps Technology, Inc. stock with a 90% probability to be traded between $0.286 and $0.423 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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STSS Signals & Forecast
There are mixed signals in the stock today. The Sharps Technology, 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 $0.334 and $0.336. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Thursday, March 21, 2024, and so far it has risen 7.81%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Sharps Technology, 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Sharps Technology, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.296 and $0.292. 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, Sharps Technology, Inc. finds support just below today's level at $0.296. If this is broken, then the next support from accumulated volume will be at $0.292 and $0.276.
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 $0.0172 between high and low, or 5.72%. For the last week, the stock has had daily average volatility of 13.36%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (STSS) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Sharps Technology, Inc. to open at $0.311, and during the day (based on 14 day Average True Range), to move between $0.278 and $0.351, which gives a possible trading interval of +/-$0.0364 (+/-11.56%) up or down from last closing price. If Sharps Technology, Inc. takes out the full calculated possible swing range there will be an estimated 23.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.333 (5.84%) than the support at $0.296 (5.94%), 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 Sharps Technology, Inc. stock A Buy?
Sharps Technology, 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 Hold/Accumulate to a Sell candidate.
Current score: -2.065 Sell Candidate Downgraded
Predicted Opening Price for Sharps Technology, Inc. of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $0.311 ( 1.16%) | $0.315 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for STSS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.328 | 4.30 % | |
| R2 | 0.322 | 2.21 % | ||
| R1 | 0.318 | 0.92 % | ||
| Current price: | 0.315 | |||
| Support | S1 | 0.305 | -3.25 % | |
| S2 | 0.301 | -4.54 % | ||
| S3 | 0.294 | -6.63 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.356 | 13.21 % | |
| R2 | 0.348 | 10.45 % | ||
| R1 | 0.333 | 5.84 % | ||
| Current price | 0.315 | |||
| Support | S1 | 0.296 | -5.94% | |
| S2 | 0.292 | -7.24% | ||
| S3 | 0.276 | -12.48% |
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