Neonode Inc. Stock Forecast
Big movements in Neonode Inc. stock price on Thursday moving 13.87% between high and low
(Updated on Apr 25, 2024)
The Neonode Inc. stock price gained 10.91% on the last trading day (Thursday, 25th Apr 2024), rising from $1.65 to $1.83. During the last trading day the stock fluctuated 13.87% from a day low at $1.65 to a day high of $1.88. The price has fallen in 6 of the last 10 days but is still up by 23.65% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 30 thousand more shares were traded than the day before. In total, 53 thousand shares were bought and sold for approximately $97.29 thousand.
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 $1.90 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 -8.63% during the next 3 months and, with a 90% probability hold a price between $1.06 and $1.74 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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NEON Signals & Forecast
The Neonode Inc. 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 $1.70 and $1.43. 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). Neonode Inc. 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. 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 22, 2024, and so far it has fallen -4.19%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Neonode Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.70 and $1.63. 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, Neonode Inc. finds support just below today's level at $1.70. If this is broken, then the next support from accumulated volume will be at $1.63 and $1.55.
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 $0.229 between high and low, or 13.87%. For the last week, the stock has had daily average volatility of 13.04%.
Our recommended stop-loss: $1.74 (-5.10%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (NEON) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Neonode Inc. to open at $1.79, and during the day (based on 14 day Average True Range), to move between $1.69 and $1.97, which gives a possible trading interval of +/-$0.140 (+/-7.65%) up or down from last closing price. If Neonode Inc. takes out the full calculated possible swing range there will be an estimated 15.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.91 (4.37%) than the support at $1.70 (7.10%), 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 Neonode Inc. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 1.237 Buy Candidate Unchanged
Predicted Opening Price for Neonode Inc. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $1.79 ( 2.39%) | $1.83 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NEON
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.02 | 10.12 % | |
| R2 | 1.93 | 5.34 % | ||
| R1 | 1.87 | 2.39 % | ||
| Current price: | 1.83 | |||
| Support | S1 | 1.70 | -7.17 % | |
| S2 | 1.64 | -10.12 % | ||
| S3 | 1.56 | -14.90 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 1.91 | 4.37 % | ||
| Current price | 1.83 | |||
| Support | S1 | 1.70 | -7.10% | |
| S2 | 1.63 | -10.93% | ||
| S3 | 1.55 | -15.30% |
FAQ
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