Recon Technology Stock Forecast
High volatility in Recon Technology stock price on Wednesday which ended trading at $0.0869
(Updated on Apr 24, 2024)
The Recon Technology stock price fell by -14.13% on the last day (Wednesday, 24th Apr 2024) from $0.101 to $0.0869. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 45.71% from a day low at $0.0700 to a day high of $0.102. The price has fallen in 8 of the last 10 days and is down by -41.87% for this period. Volume has increased on the last day by 2 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $201.76 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 $0.0834 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -32.04% during the next 3 months and, with a 90% probability hold a price between $0.0567 and $0.102 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 $0.101 and $0.133. 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 -45.41%. 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). Recon Technology gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
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 a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0320 between high and low, or 45.71%. For the last week, the stock has had daily average volatility of 16.05%.
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 Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Recon Technology to open at $0.0863, and during the day (based on 14 day Average True Range), to move between $0.0694 and $0.104, which gives a possible trading interval of +/-$0.0175 (+/-20.13%) up or down from last closing price. If Recon Technology takes out the full calculated possible swing range there will be an estimated 40.26% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.0996, some $0.0127 (14.61%) from the current price of $0.0869, 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: -7.112 Strong Sell Candidate Unchanged
Predicted Opening Price for Recon Technology of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $0.0863 ( 0.690%) | $0.0869 |
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 | 0.118 | 36.13 % | |
| R2 | 0.106 | 22.07 % | ||
| R1 | 0.0985 | 13.38 % | ||
| Current price: | 0.0869 | |||
| Support | S1 | 0.0741 | -14.76 % | |
| S2 | 0.0665 | -23.45 % | ||
| S3 | 0.0543 | -37.51 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.109 | 24.86 % | |
| R2 | 0.105 | 20.94 % | ||
| R1 | 0.0996 | 14.61 % | ||
| Current price | 0.0869 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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