Worksport Ltd Stock Forecast
Green day on Tuesday for Worksport Ltd stock after gaining 4.25%
(Updated on Jun 25, 2024)
The Worksport Ltd stock price gained 4.25% on the last trading day (Tuesday, 25th Jun 2024), rising from $0.729 to $0.760. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 7.38% from a day low at $0.710 to a day high of $0.763. The price has risen in 7 of the last 10 days and is up by 22.98% over the past 2 weeks. Volume fell on the last day by -149 thousand shares and in total, 244 thousand shares were bought and sold for approximately $185.75 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 14.20% during the next 3 months and, with a 90% probability hold a price between $0.513 and $1.10 at the end of this 3-month period.
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WKSP Signals & Forecast
The Worksport Ltd 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 $0.667 and $0.645. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 29, 2024, and so far it has risen 46.21%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Worksport Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.622 and $0.590. 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, Worksport Ltd finds support just below today's level at $0.622. If this is broken, then the next support from accumulated volume will be at $0.590 and $0.589.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0524 between high and low, or 7.38%. For the last week the stock has had daily average volatility of 8.31%.
Our recommended stop-loss: $0.738 (-2.86%) (This stock has high daily movements and this gives high risk. The RSI14 is 82 and this increases the risk substantially. There is a buy signal from a pivot bottom found 35 days ago.)
Trading Expectations (WKSP) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Worksport Ltd to open at $0.744, and during the day (based on 14 day Average True Range), to move between $0.694 and $0.83, which gives a possible trading interval of +/-$0.0656 (+/-8.63%) up or down from last closing price. If Worksport Ltd takes out the full calculated possible swing range there will be an estimated 17.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.800 (5.20%) than the support at $0.622 (18.21%), 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 Worksport Ltd stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Worksport Ltd stock to perform well in the short-term.
Current score: 4.803 Buy Candidate Unchanged
Predicted Opening Price for Worksport Ltd of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $0.744 ( 2.08%) | $0.760 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WKSP
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.797 | 4.82% |
| R2 | 0.777 | 2.18% |
| R1 | 0.764 | 0.555% |
| Price | 0.760 | |
| S1 | 0.724 | -4.71% |
| S2 | 0.712 | -6.34% |
| S3 | 0.692 | -8.97% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.90 | 17.78% |
| R2 | 0.84 | 9.87% |
| R1 | 0.800 | 5.20% |
| Price | 0.760 | |
| S1 | 0.622 | -18.21% |
| S2 | 0.590 | -22.37% |
| S3 | 0.589 | -22.46% |
FAQ
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