Independence Contract Drilling Inc Stock Forecast
Red day on Friday for Independence Contract Drilling Inc stock after losing 0%
(Updated on Apr 19, 2024)
No changes to the price of Independence Contract Drilling Inc stock on the last trading day (Friday, 19th Apr 2024). During the last trading day the stock fluctuated 3.41% from a day low at $1.91 to a day high of $1.97. The price has risen in 4 of the last 10 days.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $1.97 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -10.15% during the next 3 months and, with a 90% probability hold a price between $1.37 and $1.77 at the end of this 3-month period. 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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ICD Signals & Forecast
The Independence Contract Drilling Inc stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $1.93. On a fall, the stock will find some support from the long-term average at approximately $1.82. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point". The very low volume increases the risk and reduces the other technical signals issued. 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, April 15, 2024, and so far it has fallen -3.54%. 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).
Support, Risk & Stop-loss for Independence Contract Drilling Inc stock
Independence Contract Drilling Inc finds support from accumulated volume at $1.82 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 $0.0650 between high and low, or 3.41%. For the last week, the stock has had daily average volatility of 5.36%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ICD) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Independence Contract Drilling Inc to open at $1.93, and during the day (based on 14 day Average True Range), to move between $1.80 and $2.02, which gives a possible trading interval of +/-$0.106 (+/-5.56%) up or down from last closing price. If Independence Contract Drilling Inc takes out the full calculated possible swing range there will be an estimated 11.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.92 (0.52%) than the support at $1.82 (4.71%), 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 Independence Contract Drilling Inc stock A Buy?
Independence Contract Drilling Inc 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.
Current score: -1.730 Sell Candidate Unchanged
Predicted Opening Price for Independence Contract Drilling Inc of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $1.93 ( 0.96%) | $1.91 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ICD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.99 | 4.36 % | |
| R2 | 1.97 | 3.06 % | ||
| R1 | 1.95 | 2.26 % | ||
| Current price: | 1.91 | |||
| Support | S1 | 1.90 | -0.340 % | |
| S2 | 1.89 | -1.14 % | ||
| S3 | 1.86 | -2.44 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.00 | 4.71 % | |
| R2 | 1.98 | 3.66 % | ||
| R1 | 1.92 | 0.524 % | ||
| Current price | 1.91 | |||
| Support | S1 | 1.82 | -4.71% | |
| S2 | 1.70 | -10.99% | ||
| S3 | 1.65 | -13.61% |
FAQ
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