Worksport Ltd. Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Worksport Ltd. stock downgraded to Sell Candidate
(Updated on May 17, 2024)
No changes to the price of Worksport Ltd. stock on the last trading day (Friday, 17th May 2024). During the last trading day the stock fluctuated 0% from a day low at $0.0500 to a day high of $0.0500. The price has risen in 5 of the last 10 days and is up by 11.36% over the past 2 weeks.
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. 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 $0.0473 and $0.0334. 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, May 16, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Worksport Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0454 and $0.0449. 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 $0.0454. If this is broken, then the next support from accumulated volume will be at $0.0449 and $0.0426.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 31.18%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (WKSPW) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Worksport Ltd. to open at $0.0500, and during the day (based on 14 day Average True Range), to move between $0.0330 and $0.0670, which gives a possible trading interval of +/-$0.0170 (+/-33.96%) up or down from last closing price. If Worksport Ltd. takes out the full calculated possible swing range there will be an estimated 67.93% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0528 (5.60%) than the support at $0.0454 (9.20%), 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?
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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -2.046 Sell Candidate Downgraded
Predicted Opening Price for Worksport Ltd. of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.0500 ( 0.00000000%) | $0.0500 |
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 | 0.0500 | 0.00000000 % | |
| R2 | 0.0500 | 0.00000000 % | ||
| R1 | 0.0500 | 0.00000000 % | ||
| Current price: | 0.0500 | |||
| Support | S1 | 0.0500 | 0.00000000 % | |
| S2 | 0.0500 | 0.00000000 % | ||
| S3 | 0.0500 | 0.00000000 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0600 | 20.00 % | |
| R2 | 0.0555 | 11.00 % | ||
| R1 | 0.0528 | 5.60 % | ||
| Current price | 0.0500 | |||
| Support | S1 | 0.0454 | -9.20% | |
| S2 | 0.0449 | -10.20% | ||
| S3 | 0.0426 | -14.80% |
FAQ
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