Worksport Ltd Stock Forecast
High volatility in Worksport Ltd stock price on Thursday which ended trading at $0.410
(Updated on Apr 25, 2024)
The Worksport Ltd stock price gained 8.18% on the last trading day (Thursday, 25th Apr 2024), rising from $0.379 to $0.410. During the last trading day the stock fluctuated 11.28% from a day low at $0.395 to a day high of $0.440. The price has fallen in 6 of the last 10 days and is down by -12.77% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 527 thousand more shares were traded than the day before. In total, 640 thousand shares were bought and sold for approximately $262.28 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -69.72% during the next 3 months and, with a 90% probability hold a price between $0.0682 and $0.167 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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WKSP Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 11.99%. Further rise is indicated until a new top pivot has been found. Worksport Ltd 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 Worksport Ltd 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 $0.589. On a fall, the stock will find some support from the short-term average at $0.380. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Worksport Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.386 and $0.375. 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 $0.386. If this is broken, then the next support from accumulated volume will be at $0.375 and $0.366.
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 $0.0446 between high and low, or 11.28%. For the last week, the stock has had daily average volatility of 11.93%.
Worksport Ltd is oversold on RSI14 (19). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (WKSP) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Worksport Ltd to open at $0.415, and during the day (based on 14 day Average True Range), to move between $0.348 and $0.472, which gives a possible trading interval of +/-$0.0620 (+/-15.12%) up or down from last closing price. If Worksport Ltd takes out the full calculated possible swing range there will be an estimated 30.23% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.386 (5.85%) than the resistance at $0.462 (12.68%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Worksport Ltd stock A Buy?
Worksport Ltd 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.
Current score: -1.904 Sell Candidate Unchanged
Predicted Opening Price for Worksport Ltd of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $0.415 ( 1.24%) | $0.410 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 0.460 | 12.11 % | |
| R2 | 0.443 | 7.96 % | ||
| R1 | 0.432 | 5.39 % | ||
| Current price: | 0.410 | |||
| Support | S1 | 0.398 | -2.92 % | |
| S2 | 0.388 | -5.49 % | ||
| S3 | 0.370 | -9.64 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.500 | 21.95 % | |
| R2 | 0.470 | 14.63 % | ||
| R1 | 0.462 | 12.68 % | ||
| Current price | 0.410 | |||
| Support | S1 | 0.386 | -5.85% | |
| S2 | 0.375 | -8.46% | ||
| S3 | 0.366 | -10.71% |
FAQ
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