Nova Lifestyle Stock Forecast
High volatility in Nova Lifestyle stock price on Thursday which ended trading at $2.99
(Updated on Mar 28, 2024)
The Nova Lifestyle stock price gained 4.55% on the last trading day (Thursday, 28th Mar 2024), rising from $2.86 to $2.99. During the last trading day the stock fluctuated 10.83% from a day low at $2.77 to a day high of $3.07. The price has risen in 5 of the last 10 days and is up by 92.9% over the past 2 weeks. Volume fell on the last day by -121 thousand shares and in total, 93 thousand shares were bought and sold for approximately $276.72 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $2.95, a level that may pose a second chance to hit a runner. According to fan-theory $4.56 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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NVFY Signals & Forecast
The Nova Lifestyle 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 $2.56 and $1.94. 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). 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 Friday, March 22, 2024, and so far it has fallen -1.64%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Nova Lifestyle stock
Nova Lifestyle finds support from accumulated volume at $2.91 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 very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.300 between high and low, or 10.83%. For the last week the stock has had daily average volatility of 21.51%.
The Nova Lifestyle stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $2.89 (-3.51%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 76 and this increases the risk substantially. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (NVFY) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Nova Lifestyle to open at $2.94, and during the day (based on 14 day Average True Range), to move between $2.64 and $3.34, which gives a possible trading interval of +/-$0.348 (+/-11.65%) up or down from last closing price. If Nova Lifestyle takes out the full calculated possible swing range there will be an estimated 23.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.04 (1.67%) than the support at $2.91 (2.68%), 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 Nova Lifestyle stock A Buy?
Nova Lifestyle 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.
Current score: 0.688 Hold/Accumulate Unchanged
Predicted Opening Price for Nova Lifestyle of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$2.94 ( 1.56%) | $2.99 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NVFY
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 3.24 | 8.47 % | |
R2 | 3.13 | 4.64 % | ||
R1 | 3.06 | 2.27 % | ||
Current price: | 2.99 | |||
Support | S1 | 2.83 | -5.39 % | |
S2 | 2.76 | -7.76 % | ||
S3 | 2.64 | -11.59 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 3.42 | 14.38 % | |
R2 | 3.20 | 7.02 % | ||
R1 | 3.04 | 1.67 % | ||
Current price | 2.99 | |||
Support | S1 | 2.91 | -2.68% | |
S2 | 2.86 | -4.35% | ||
S3 | 2.75 | -8.03% |
FAQ
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