Image Scan Holdings plc Stock Forecast
Weaker technical forecast for Image Scan Holdings plc as stock downgraded to Sell Candidate.
(Updated on Apr 24, 2024)
No changes to the price of Image Scan Holdings plc stock on the last trading day (Wednesday, 24th Apr 2024). During the last trading day the stock fluctuated 4.59% from a day low at £1.15 to a day high of £1.20. The price has been going up and down for this period, and there has been a 0% change for the last 2 weeks.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -22.01% during the next 3 months and, with a 90% probability hold a price between £0.684 and £1.00 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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IGE.L Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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". Some negative signals were issued as well, and these may have some influence on the near short-term development. The Image Scan Holdings plc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at £1.20 and £1.26. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, March 26, 2024, and so far it has fallen -14.29%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Image Scan Holdings plc stock
Image Scan Holdings plc finds support from accumulated volume at £1.15 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 £0.0527 between high and low, or 4.59%. For the last week, the stock has had daily average volatility of 3.17%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (IGE.L) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Image Scan Holdings plc to open at £1.18, and during the day (based on 14 day Average True Range), to move between £1.12 and £1.28, which gives a possible trading interval of +/-£0.0804 (+/-6.70%) up or down from last closing price. If Image Scan Holdings plc takes out the full calculated possible swing range there will be an estimated 13.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £1.25 (4.17%) than the support at £1.15 (4.17%), 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.
Earnings coming up
Image Scan Holdings plc will release earnings BMO on Thursday, April 25, 2024. We will update the financials statements for Image Scan Holdings plc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.08% in the first trading day after earnings release.
Is Image Scan Holdings plc stock A Buy?
Image Scan Holdings plc holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.071 Sell Candidate Downgraded
Predicted Opening Price for Image Scan Holdings plc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| £1.18 ( 1.46%) | £1.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IGE.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.24 | 2.93 % | |
| R2 | 1.21 | 1.25 % | ||
| R1 | 1.20 | 0.214 % | ||
| Current price: | 1.20 | |||
| Support | S1 | 1.16 | -3.14 % | |
| S2 | 1.15 | -4.18 % | ||
| S3 | 1.13 | -5.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.40 | 16.67 % | |
| R2 | 1.30 | 8.50 % | ||
| R1 | 1.25 | 4.17 % | ||
| Current price | 1.20 | |||
| Support | S1 | 1.15 | -4.17% | |
| S2 | 1.13 | -6.25% | ||
| S3 | 1.10 | -8.33% |
FAQ
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