Recon Technology Stock Forecast
Volatile ride for Recon Technology stock price on Thursday moving between $0.0777 and $0.0900
(Updated on Apr 25, 2024)
The Recon Technology stock price fell by -5.64% on the last day (Thursday, 25th Apr 2024) from $0.0869 to $0.0820. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 15.83% from a day low at $0.0777 to a day high of $0.0900. The price has fallen in 8 of the last 10 days and is down by -43.45% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -2 million shares and in total, 810 thousand shares were bought and sold for approximately $66.41 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 $0.0816 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -32.46% during the next 3 months and, with a 90% probability hold a price between $0.0551 and $0.101 at the end of this 3-month period.
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RCON Signals & Forecast
There are few to no technical positive signals at the moment. The Recon Technology 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 $0.0977 and $0.131. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 12, 2024, and so far it has fallen -48.49%. 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 fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Recon Technology stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $0.0123 between high and low, or 15.83%. For the last week the stock has had daily average volatility of 18.29%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RCON) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Recon Technology to open at $0.0832, and during the day (based on 14 day Average True Range), to move between $0.0649 and $0.0991, which gives a possible trading interval of +/-$0.0171 (+/-20.88%) up or down from last closing price. If Recon Technology takes out the full calculated possible swing range there will be an estimated 41.77% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.0869, some $0.0049 (5.98%) from the current price of $0.0820, our system finds the risk reward not very attractive.
Is Recon Technology stock A Buy?
Recon Technology 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.
Current score: -5.623 Strong Sell Candidate Unchanged
Predicted Opening Price for Recon Technology of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $0.0832 ( 1.50%) | $0.0820 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RCON
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0955 | 16.50 % | |
| R2 | 0.0908 | 10.77 % | ||
| R1 | 0.0879 | 7.23 % | ||
| Current price: | 0.0820 | |||
| Support | S1 | 0.0785 | -4.23 % | |
| S2 | 0.0756 | -7.77 % | ||
| S3 | 0.0709 | -13.50 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.101 | 23.41 % | |
| R2 | 0.0996 | 21.46 % | ||
| R1 | 0.0869 | 5.98 % | ||
| Current price | 0.0820 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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