Zedge Inc. Class B Stock Forecast
High volatility in Zedge Inc. Class B stock price on Thursday which ended trading at $2.71
(Updated on Jun 20, 2024)
The Zedge Inc. Class B stock price gained 5.86% on the last trading day (Thursday, 20th Jun 2024), rising from $2.56 to $2.71. During the last trading day the stock fluctuated 12.95% from a day low at $2.56 to a day high of $2.89. The price has fallen in 6 of the last 10 days but is still up by 0.37% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 169 thousand more shares were traded than the day before. In total, 216 thousand shares were bought and sold for approximately $584.04 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 $2.57 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 12.37% during the next 3 months and, with a 90% probability hold a price between $2.88 and $3.85 at the end of this 3-month period.
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ZDGE Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 18, 2024, and so far it has risen 5.86%. 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). Zedge Inc. Class B 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 Zedge Inc. Class B stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $2.92 and $2.80. A break-up above any of these levels will issue buy signals.
Support, Risk & Stop-loss for Zedge Inc. Class B stock
Zedge Inc. Class B finds support from accumulated volume at $2.63 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 $0.332 between high and low, or 12.95%. For the last week, the stock has had daily average volatility of 11.51%.
Our recommended stop-loss: $2.59 (-4.40%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (ZDGE) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Zedge Inc. Class B to open at $2.72, and during the day (based on 14 day Average True Range), to move between $2.44 and $2.98, which gives a possible trading interval of +/-$0.274 (+/-10.12%) up or down from last closing price. If Zedge Inc. Class B takes out the full calculated possible swing range there will be an estimated 20.24% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.77 (2.21%) than the support at $2.63 (2.95%), 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 Zedge Inc. Class B stock A Buy?
Zedge Inc. Class B holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.959 Hold/Accumulate Upgraded
Predicted Opening Price for Zedge Inc. Class B of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $2.72 ( 0.403%) | $2.71 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZDGE
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.05 | 12.64% |
| R2 | 2.93 | 7.97% |
| R1 | 2.85 | 5.08% |
| Price | 2.71 | |
| S1 | 2.59 | -4.27% |
| S2 | 2.52 | -7.16% |
| S3 | 2.39 | -11.83% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.14 | 15.87% |
| R2 | 2.91 | 7.38% |
| R1 | 2.77 | 2.21% |
| Price | 2.71 | |
| S1 | 2.63 | -2.95% |
| S2 | 2.45 | -9.59% |
| S3 | 2.40 | -11.44% |
FAQ
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