ENEL SOCIETA PER AZI Stock Forecast

ENEL SOCIETA PER AZI stock downgraded from Strong Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on May 07, 2024)

ENLAY Signals & Forecast

The ENEL SOCIETA PER AZI 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 $6.66 and $6.45. 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 Monday, May 06, 2024, and so far it has fallen -0.147%. Further fall is indicated until a new bottom pivot has been found. ENEL SOCIETA PER AZI 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".

Support, Risk & Stop-loss for ENEL SOCIETA PER AZI stock

ENEL SOCIETA PER AZI finds support from accumulated volume at $6.48 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0500 between high and low, or 0.736%. For the last week, the stock has had daily average volatility of 1.82%.

The ENEL SOCIETA PER AZI stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $6.64 (-2.26%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 90 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (ENLAY) For The Upcoming Trading Day Of Wednesday 8th

For the upcoming trading day on Wednesday, 8th we expect ENEL SOCIETA PER AZI to open at $6.81, and during the day (based on 14 day Average True Range), to move between $6.68 and $6.90, which gives a possible trading interval of +/-$0.114 (+/-1.67%) up or down from last closing price. If ENEL SOCIETA PER AZI takes out the full calculated possible swing range there will be an estimated 3.35% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $6.80 (0.15%) than the support at $6.48 (4.57%), 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 ENEL SOCIETA PER AZI stock A Buy?

ENEL SOCIETA PER AZI 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.

Current score: 0.276 Hold/Accumulate Downgraded

Predicted Opening Price for ENEL SOCIETA PER AZI of Wednesday, May 8, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.