Should You Buy ARB.L Stock?

Big movements in Argo Blockchain Plc stock price on Friday moving 22.22% between high and low (Updated on May 20, 2022)

Sell candidate since 2022-04-26 Loss -16.70% PDF

The Argo Blockchain Plc stock price fell by -9.13% on the last day (Friday, 20th May 2022) from £55.00 to £49.98. During the day the stock fluctuated 22.22% from a day low at £45.00 to a day high of £55.00. The price has fallen in 6 of the last 10 days and is down by -19.39% for this period. Volume has increased on the last day by 1 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, 3 million shares were bought and sold for approximately £134.90 million.

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 £46.87 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -13.91% during the next 3 months and, with a 90% probability hold a price between £40.35 and £59.35 at the end of this 3-month period.

Signals & Forecast

There are few to no technical positive signals at the moment. The Argo Blockchain Plc 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 £51.39 and £62.74. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 28, 2022, and so far it has fallen -33.81%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss

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 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 £10.00 between high and low, or 22.22%. For the last week, the stock has had a daily average volatility of 17.61%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations For The Upcoming Trading Day Of Monday 23rd

For the upcoming trading day on Monday 23rd we expect Argo Blockchain Plc to open at £49.99, and during day (based on 14 day Average True Range), to move between £41.09 and £58.87, which gives a possible trading interval of +/-£8.89 (+/-17.78%) up or down from last closing price. If Argo Blockchain Plc takes out the full calculated possible swing range there will be an estimated 35.56% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ £0.0200 (0.04%) our system find the risk reward not very attractive.

Is Argo Blockchain Plc stock A Buy?

Argo Blockchain Plc 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.

Current score: -5.872

Strong Sell Candidate Downgraded

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