ICL-Israel Chemicals Ltd. Stock Forecast
Weaker technical forecast for ICL-Israel Chemicals Ltd. as stock downgraded to Hold/Accumulate.
(Updated on Sep 08, 2020)
The ICL-Israel Chemicals Ltd. stock price fell by -0.82% on the last day (Tuesday, 8th Sep 2020) from ₪1,225.00 to ₪1,215.00. During the last trading day the stock fluctuated 3.60% from a day low at ₪1,193.00 to a day high of ₪1,236.00. The price has fallen in 6 of the last 10 days and is down by -8.16% for this period. Volume has increased on the last day by 760 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, 2 million shares were bought and sold for approximately ₪2.51 billion.
The stock lies in the upper part of a very wide and strong rising 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 ₪1,348.76 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 13.68% during the next 3 months and, with a 90% probability hold a price between ₪88.29 and ₪1,533.27 at the end of this 3-month period.
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ICL.TA Signals & Forecast
The ICL-Israel Chemicals Ltd. 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 ₪1,237.43. On a fall, the stock will find some support from the long-term average at approximately ₪1,168.56. 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. 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 Sunday, August 23, 2020, and so far it has fallen -8.16%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The stock had a Golden Star Signal on Wednesday, May 20, 2020 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for ICL-Israel Chemicals Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at ₪1,120.00 and ₪1,091.00. 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, ICL-Israel Chemicals Ltd. finds support just below today's level at ₪1,120.00. If this is broken, then the next support from accumulated volume will be at ₪1,091.00 and ₪1,075.00.
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 ₪43.00 between high and low, or 3.60%. For the last week, the stock has had daily average volatility of 3.18%.
Our recommended stop-loss: ₪1,155.80 (-4.87%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (ICL.TA) For The Upcoming Trading Day Of Wednesday 9th
For the upcoming trading day on Wednesday, 9th we expect ICL-Israel Chemicals Ltd. to open at ₪1,214.67, and during the day (based on 14 day Average True Range), to move between ₪1,151.65 and ₪1,278.35, which gives a possible trading interval of +/-₪63.35 (+/-5.21%) up or down from last closing price. If ICL-Israel Chemicals Ltd. takes out the full calculated possible swing range there will be an estimated 10.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₪1,249.00 (2.80%) than the support at ₪1,120.00 (7.82%), 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 ICL-Israel Chemicals Ltd. stock A Buy?
ICL-Israel Chemicals Ltd. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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 Buy to a Hold/Accumulate candidate.
Current score: 0.257 Hold/Accumulate Downgraded
Predicted Opening Price for ICL-Israel Chemicals Ltd. of Wednesday, September 9, 2020
| Fair opening price September 9, 2020 | Current price |
|---|---|
| ₪1,214.67 ( 0.0274%) | ₪1,215.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ICL.TA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,257.67 | 3.51 % | |
| R2 | 1,241.24 | 2.16 % | ||
| R1 | 1,231.09 | 1.32 % | ||
| Current price: | 1,215.00 | |||
| Support | S1 | 1,198.24 | -1.38 % | |
| S2 | 1,188.09 | -2.21 % | ||
| S3 | 1,171.67 | -3.57 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,301.00 | 7.08 % | |
| R2 | 1,266.00 | 4.20 % | ||
| R1 | 1,249.00 | 2.80 % | ||
| Current price | 1,215.00 | |||
| Support | S1 | 1,120.00 | -7.82% | |
| S2 | 1,091.00 | -10.21% | ||
| S3 | 1,075.00 | -11.52% |
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