Zhongchao Inc. Stock Forecast
Red day on Wednesday for Zhongchao Inc. stock after losing 1.38%
(Updated on May 08, 2024)
The Zhongchao Inc. stock price fell by -1.38% on the last day (Wednesday, 8th May 2024) from $1.45 to $1.43. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 7.55% from a day low at $1.39 to a day high of $1.50. The price has fallen in 7 of the last 10 days and is down by -5.92% for this period. Volume has increased on the last day by 14 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, 40 thousand shares were bought and sold for approximately $56.57 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1.00 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 25.97% during the next 3 months and, with a 90% probability hold a price between $1.26 and $4.88 at the end of this 3-month period.
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ZCMD Signals & Forecast
There are few to no technical positive signals at the moment. The Zhongchao 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 $1.57 and $1.57. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 01, 2024, and so far it has fallen -56.13%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Zhongchao Inc. 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 Zhongchao Inc. stock
Zhongchao Inc. finds support from accumulated volume at $1.40 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 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 $0.105 between high and low, or 7.55%. For the last week, the stock has had daily average volatility of 11.27%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ZCMD) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Zhongchao Inc. to open at $1.44, and during the day (based on 14 day Average True Range), to move between $1.17 and $1.69, which gives a possible trading interval of +/-$0.262 (+/-18.32%) up or down from last closing price. If Zhongchao Inc. takes out the full calculated possible swing range there will be an estimated 36.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.40 (2.10%) than the resistance at $1.59 (11.19%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Zhongchao Inc. stock A Buy?
The Zhongchao Inc. stock holds several negative signals and despite the positive trend, we believe Zhongchao Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.619 Sell Candidate Unchanged
Predicted Opening Price for Zhongchao Inc. of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $1.44 ( 0.583%) | $1.43 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZCMD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.54 | 7.93 % | |
| R2 | 1.50 | 5.12 % | ||
| R1 | 1.48 | 3.39 % | ||
| Current price: | 1.43 | |||
| Support | S1 | 1.40 | -2.22 % | |
| S2 | 1.37 | -3.96 % | ||
| S3 | 1.33 | -6.76 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.72 | 20.28 % | |
| R2 | 1.69 | 18.18 % | ||
| R1 | 1.59 | 11.19 % | ||
| Current price | 1.43 | |||
| Support | S1 | 1.40 | -2.10% | |
| S2 | 1.37 | -4.20% | ||
| S3 | 1.28 | -10.49% |
FAQ
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