Exagen Inc. Stock Forecast
Stronger technical forecast for Exagen Inc. stock price after Monday trading.
(Updated on May 20, 2024)
The Exagen Inc. stock price fell by -0.532% on the last day (Monday, 20th May 2024) from $1.88 to $1.87. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 5.13% from a day low at $1.80 to a day high of $1.89. The price has risen in 6 of the last 10 days and is up by 35.51% over the past 2 weeks. Volume has increased on the last day by 4 thousand 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, 33 thousand shares were bought and sold for approximately $62.16 thousand.
The stock lies the upper part of a very wide and falling 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 $1.89 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -20.23% during the next 3 months and, with a 90% probability hold a price between $1.00 and $1.51 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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XGN Signals & Forecast
The Exagen 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 $1.79 and $1.50. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month 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 Wednesday, May 15, 2024, and so far it has fallen -2.09%. Further fall is indicated until a new bottom pivot has been found. Exagen Inc. 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". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Exagen Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.77 and $1.76. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Exagen Inc. finds support just below today's level at $1.77. If this is broken, then the next support from accumulated volume will be at $1.76 and $1.64.
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 $0.0923 between high and low, or 5.13%. For the last week, the stock has had daily average volatility of 11.80%.
The Exagen Inc. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $1.82 (-2.59%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 85 and this increases the risk substantially. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (XGN) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Exagen Inc. to open at $1.85, and during the day (based on 14 day Average True Range), to move between $1.75 and $1.99, which gives a possible trading interval of +/-$0.123 (+/-6.60%) up or down from last closing price. If Exagen Inc. takes out the full calculated possible swing range there will be an estimated 13.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.88 (0.53%) than the support at $1.77 (5.35%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Exagen Inc. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.865 Buy Candidate Upgraded
Predicted Opening Price for Exagen Inc. of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $1.85 ( 0.85%) | $1.87 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for XGN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.95 | 4.09 % | |
| R2 | 1.91 | 2.20 % | ||
| R1 | 1.89 | 1.04 % | ||
| Current price: | 1.87 | |||
| Support | S1 | 1.82 | -2.74 % | |
| S2 | 1.80 | -3.90 % | ||
| S3 | 1.76 | -5.79 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.91 | 2.14 % | |
| R2 | 1.89 | 1.07 % | ||
| R1 | 1.88 | 0.535 % | ||
| Current price | 1.87 | |||
| Support | S1 | 1.77 | -5.35% | |
| S2 | 1.76 | -5.88% | ||
| S3 | 1.64 | -12.30% |
FAQ
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