Opko Health Inc Stock Forecast
Volatile ride for Opko Health Inc stock price on Wednesday moving between $1.00 and $1.11
(Updated on Mar 27, 2024)
The Opko Health Inc stock price gained 5.94% on the last trading day (Wednesday, 27th Mar 2024), rising from $1.01 to $1.07. During the last trading day the stock fluctuated 11.00% from a day low at $1.00 to a day high of $1.11. The price has risen in 7 of the last 10 days and is up by 16.39% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 million more shares were traded than the day before. In total, 12 million shares were bought and sold for approximately $12.58 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -15.03% during the next 3 months and, with a 90% probability hold a price between $0.712 and $1.14 at the end of this 3-month period.
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OPK Signals & Forecast
The Opko Health Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.96 and $0.97. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 23.63%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Opko Health Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.01 and $1.00. 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, Opko Health Inc finds support just below today's level at $1.01. If this is broken, then the next support from accumulated volume will be at $1.00 and $0.89.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.110 between high and low, or 11.00%. For the last week, the stock has had daily average volatility of 8.80%.
Our recommended stop-loss: $1.03 (-3.64%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (OPK) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Opko Health Inc to open at $1.06, and during the day (based on 14 day Average True Range), to move between $1.01 and $1.13, which gives a possible trading interval of +/-$0.0598 (+/-5.59%) up or down from last closing price. If Opko Health Inc takes out the full calculated possible swing range there will be an estimated 11.18% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $1.01, some $0.0600 (5.61%) from the current price of $1.07, our system finds the risk reward attractive.
Is Opko Health Inc stock A Buy?
Opko Health Inc 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: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Opko Health Inc of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$1.06 ( 0.93%) | $1.07 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OPK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.17 | 9.35 % | |
R2 | 1.13 | 5.42 % | ||
R1 | 1.10 | 2.99 % | ||
Current price: | 1.07 | |||
Support | S1 | 1.02 | -4.86 % | |
S2 | 0.99 | -7.29 % | ||
S3 | 0.95 | -11.21 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 1.07 | |||
Support | S1 | 1.01 | -5.61% | |
S2 | 1.00 | -6.54% | ||
S3 | 0.89 | -16.95% |
FAQ
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