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The Ideanomics Inc. stock price fell by -3.64% on the last day (Friday, 15th Jan 2021) from $3.30 to $3.18. During the day the stock fluctuated 19.87% from a day low at $3.07 to a day high of $3.68. The price has risen in 5 of the last 10 days and is up by 59.8% over the past 2 weeks. 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 -51 million shares and in total, 82 million shares were bought and sold for approximately $261.46 million.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $3.34 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 187.67% during the next 3 months and, with a 90% probability hold a price between $6.73 and $9.59 at the end of this 3-month period.
Signals & Forecast
The Ideanomics Inc. 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 $3.01 and $2.33. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 months 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 Thursday, January 14, 2021, and so far it has fallen -3.64%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss
Ideanomics Inc. finds support from accumulated volume at $3.16 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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