Worksport Ltd. Stock Forecast
Big movements in Worksport Ltd. stock price on Friday moving 91.64% between high and low
(Updated on May 03, 2024)
The Worksport Ltd. stock price fell by -0.222% on the last day (Friday, 3rd May 2024) from $0.0450 to $0.0449. During the last trading day the stock fluctuated 91.64% from a day low at $0.0287 to a day high of $0.0550. The price has risen in 5 of the last 10 days and is up by 180.63% over the past 2 weeks. Volume has increased on the last day by 125 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 135 thousand shares were bought and sold for approximately $6.08 thousand.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $0.0432, a level that may pose a second chance to hit a runner. According to fan-theory $0.116 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt. Due to the high volatility and the trend direction we are not able to give forecast range for this stock. 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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WKSPW 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 $0.0390 and $0.0277. 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 Wednesday, May 01, 2024, and so far it has fallen -4.26%. Further fall is indicated until a new bottom pivot has been found. Worksport Ltd. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Worksport Ltd. stock
Worksport Ltd. finds support from accumulated volume at $0.0439 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 $0.0263 between high and low, or 91.64%. For the last week, the stock has had daily average volatility of 56.11%.
Our recommended stop-loss: $0.0431 (-4.10%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (WKSPW) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Worksport Ltd. to open at $0.0429, and during the day (based on 14 day Average True Range), to move between $0.0358 and $0.0540, which gives a possible trading interval of +/-$0.0091 (+/-20.24%) up or down from last closing price. If Worksport Ltd. takes out the full calculated possible swing range there will be an estimated 40.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0454 (1.11%) than the support at $0.0439 (2.23%), 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 are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.
Current score: 1.250 Buy Candidate Unchanged
Predicted Opening Price for Worksport Ltd. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.0429 ( 4.53%) | $0.0449 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WKSPW
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0692 | 54.05 % | |
| R2 | 0.0591 | 31.67 % | ||
| R1 | 0.0529 | 17.85 % | ||
| Current price: | 0.0449 | |||
| Support | S1 | 0.0328 | -26.90 % | |
| S2 | 0.0266 | -40.73 % | ||
| S3 | 0.0166 | -63.10 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0555 | 23.61 % | |
| R2 | 0.0528 | 17.59 % | ||
| R1 | 0.0454 | 1.11 % | ||
| Current price | 0.0449 | |||
| Support | S1 | 0.0439 | -2.23% | |
| S2 | 0.0426 | -5.12% | ||
| S3 | 0 | . |
FAQ
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