Renesola Ltd Stock Forecast

Renesola Ltd stock price ended at $1.87 on Friday, after gaining 2.19%.
(Updated on May 03, 2024)

SOL Signals & Forecast

A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 17.61%. Further rise is indicated until a new top pivot has been found. Renesola Ltd 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Renesola Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $1.93. On a fall, the stock will find some support from the short-term average at $1.85. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Renesola Ltd stock

Renesola Ltd finds support from accumulated volume at $1.85 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 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 $0.130 between high and low, or 6.99%. For the last week, the stock has had daily average volatility of 5.69%.

Our recommended stop-loss: $1.80 (-3.98%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 9 days ago.)

Trading Expectations (SOL) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Renesola Ltd to open at $1.91, and during the day (based on 14 day Average True Range), to move between $1.73 and $2.01, which gives a possible trading interval of +/-$0.137 (+/-7.33%) up or down from last closing price. If Renesola Ltd takes out the full calculated possible swing range there will be an estimated 14.66% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $1.85 (1.07%) than the resistance at $1.96 (4.81%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Renesola Ltd stock A Buy?

Renesola Ltd 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: 0.482 Hold/Accumulate Unchanged

Predicted Opening Price for Renesola Ltd of Monday, May 6, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.