Tue 18'th Sep 2018
Recon Technology Stock Analysis
Technical stock analysis for Tue 18'th Sep 2018
|Shorts||7.25% ( 2018-08-31 )|
Recon Technology gained 0.83% in the last trading day, rising from $1.21 to $1.22 , and has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. The price has risen in 6 of the last 10 days and is up by 6.09% over the past 2 weeks. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 5 198 more shares were traded than the day before. In total, 25 054 shares bought and sold for approximately $30 565.90.
Recon Technology 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 -20.28% during the next 3 months and, with 90% probability hold a price between $0.83 and $1.14 at the end of this period.
A buy signal was issued from a pivot bottom point on Thursday September 13, 2018, which indicates further gains until a new top pivot has been found. Recon Technology has rising volume and follows the last lift in the price. This 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. Recon Technology holds a buysignal from the short-term moving average; at the same time, however, a sales signal from the long-term average. Since the longterm average is above the short-term average there is a general sales signal in the stock. On further gains, the stock will meet resistance from the long-term moving average at $1.28. On a fall, the stock will find some support from the short-term average at $1.18. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sales signal and strengthen the general signal.
Relative Strength Index (RSI)
RSI14 is 40 and the stock is currently not being overbought or oversold
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $1.15 and $1.15.
There is 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, Recon Technology finds support just below today's level at $1.15. If this is broken, then the next support from accumulated volume will be at $1.15 and $1.14.
This stock may move much during a 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 $0.04 between high and low, or 3.33%. For the last week, the stock has had a daily average volatility of 3.87%.
Our recommended stoploss: $1.16 (-4.77%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from pivot bottom found 3 days ago.)
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Recon Technology holds several positive signals, but we still don't find these to be enough for a buy-recommendation. At the current level we recommend to hold or accumulate in this position whilst awaiting for further development.Click for Top 5 Hold/Accumulates
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