- AMIGO stock price prediction: The AMGO share price has taken a massive hit after recent financial reports.
- The price is slowly rising after its all-time low in April 2023. Where are the supports and resistances?
- The price is looking to break an immediate resistance. Is it time to buy?
Why is Amigo Holdings Share Price Falling?
After the annual report of the company came in March 2023, AMGO’s share price took a hefty free fall as the company, yet again, failed to grow its revenue. The firm hasn’t grown positively since 2020.
The drop in 2022 is more than -91%, as compared to 2021. This wasn’t enough, as along with the negative financials, the company also lost more than 60% of its customer base, according to a journalist on Wall Street.
These results have been reflected in its share price, as AMGO shares hit their all-time low during April 2023. Although some investors still believed in the promises made by the company’s board in the earning reports, the price is currently trading around 447% above its all-time low.
AMGO Current Price Action
Currently, the AMGO share price has broken a major resistance and is at the level of GBX 0.650, between some supports and resistances, while the indicators are also giving some insights for the near future.
Support: The immediate support is made at the level of GBX 0.4405 which is the previously broken resistance and is seen with some good volume profiles. The 2nd support is at the level of GBX 0.1312 which is near the all-time low price.
Resistance: Resistance 1, which is the immediate one, is made at the price level of GBX 0.825. It has been tested a few times in recent times.
The second resistance is taken on the price value of GBX 0.1500. The level is around-off the figure due to a lack of liquidity above the first resistance. It can be seen as a speculative and psychological resistance.
If the above things turn out to be true, then a sure short-term buying move can be made. Selling is advised after the 1st support, if things turned out to be opposite.
Indicators
MACD: The signal line is seen to have crossed the MACD line and is trading below it, indicating weak moving averages in the recent terms. It is also observed that both the lines are moving toward the neutral line.
RSI: The RSI has nothing to speak of as it is currently trading in the consolidation zone at the level of 48.
EMAs: The 50 EMA has come down crashing and is currently at the level of GBX 0.67, just above the current AMGO share price. The 200 EMA is well above the price value of GBX 1.894.
Is AMGO Worth Buying?
The company is almost drowning at rock bottom, according to its financials and the market news. It would not be advisable in any case, for now, to invest in medium or long term
For trading in the short term, the price is trading close to its 50 EMA, and looking to take support of it. The recent MACD chart is also giving a slight indication of the MACD line crossing the signal line. Along with this, the price is very near its immediate resistance zone and is looking to cross it soon.
Conclusion
The AMGO share price has fallen after negative revenue growth in the 3rd year consecutively. After reaching its all-time low in April, the price is trading at the same level as its 50 EMA. If it takes its support, then a buying action can be seen. Investment for medium and long term is not advisable.
Technicals:
Support: GBX 0.4505, GBX 0.1312
Resistance: GBX 212.3, GBX 220.0
RSI: 54
50 EMA: GBX 0.0674
200 EMA: GBX 1.894
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
