Ideanomics Stock Forecast
Stronger technical forecast for Ideanomics stock price after Thursday trading.
(Updated on Apr 25, 2024)
The Ideanomics stock price gained 4.00% on the last trading day (Thursday, 25th Apr 2024), rising from $0.85 to $0.89. During the last trading day the stock fluctuated 7.60% from a day low at $0.86 to a day high of $0.92. The price has been going up and down for this period, and there has been a -3.8% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 186 thousand more shares were traded than the day before. In total, 265 thousand shares were bought and sold for approximately $234.43 thousand.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.779 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -11.43% during the next 3 months and, with a 90% probability hold a price between $0.690 and $1.29 at the end of this 3-month period.
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IDEX Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 10.65%. Further rise is indicated until a new top pivot has been found. Ideanomics 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 Ideanomics stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.95. On a fall, the stock will find some support from the short-term average at $0.86. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Ideanomics stock
Ideanomics finds support from accumulated volume at $0.88 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 $0.0650 between high and low, or 7.60%. For the last week, the stock has had daily average volatility of 7.16%.
Our recommended stop-loss: $0.85 (-4.16%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (IDEX) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Ideanomics Inc. to open at $0.89, and during the day (based on 14 day Average True Range), to move between $0.81 and $0.96, which gives a possible trading interval of +/-$0.0767 (+/-8.67%) up or down from last closing price. If Ideanomics Inc. takes out the full calculated possible swing range there will be an estimated 17.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.88 (0.63%) than the resistance at $1.02 (15.25%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Ideanomics Inc. stock A Buy?
Ideanomics 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: -0.902 Hold/Accumulate Upgraded
Predicted Opening Price for Ideanomics Inc. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $0.89 ( 0.188%) | $0.89 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IDEX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.95 | 7.53 % | |
| R2 | 0.93 | 4.73 % | ||
| R1 | 0.91 | 2.99 % | ||
| Current price: | 0.89 | |||
| Support | S1 | 0.86 | -2.62 % | |
| S2 | 0.85 | -4.35 % | ||
| S3 | 0.82 | -7.16 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.07 | 20.90 % | |
| R2 | 1.03 | 16.38 % | ||
| R1 | 1.02 | 15.25 % | ||
| Current price | 0.89 | |||
| Support | S1 | 0.88 | -0.633% | |
| S2 | 0.82 | -7.36% | ||
| S3 | 0.800 | -9.63% |
FAQ
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