Cannabics Pharma Stock Forecast
Volatile ride for Cannabics Pharma stock price on Friday moving between $0.0104 and $0.0136
(Updated on Apr 19, 2024)
The Cannabics Pharma stock price gained 9.62% on the last trading day (Friday, 19th Apr 2024), rising from $0.0104 to $0.0114. During the last trading day the stock fluctuated 30.77% from a day low at $0.0104 to a day high of $0.0136. The price has been going up and down for this period, and there has been a 3.64% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 263 thousand more shares were traded than the day before. In total, 263 thousand shares were bought and sold for approximately $3.00 thousand.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $0.0103 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Cannabics Pharma stock with a 90% probability to be traded between $0.0104 and $0.0184 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CNBX Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 9.62%. Further rise is indicated until a new top pivot has been found. Cannabics Pharma has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Cannabics Pharma 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 $0.0122 and $0.0136. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Cannabics Pharma stock
Cannabics Pharma finds support from accumulated volume at $0.0112 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.0032 between high and low, or 30.77%. For the last week, the stock has had daily average volatility of 21.04%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CNBX) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Cannabics Pharma to open at $0.0118, and during the day (based on 14 day Average True Range), to move between $0.0084 and $0.0144, which gives a possible trading interval of +/-$0.0030 (+/-26.71%) up or down from last closing price. If Cannabics Pharma takes out the full calculated possible swing range there will be an estimated 53.42% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0112 (2.19%) than the resistance at $0.0118 (3.51%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cannabics Pharma stock A Buy?
Cannabics Pharma 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.
Current score: -1.142 Sell Candidate Unchanged
Predicted Opening Price for Cannabics Pharma of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $0.0118 ( 3.51%) | $0.0114 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNBX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0150 | 31.58 % | |
| R2 | 0.0138 | 20.86 % | ||
| R1 | 0.0130 | 14.23 % | ||
| Current price: | 0.0114 | |||
| Support | S1 | 0.0106 | -7.21 % | |
| S2 | 0.0098 | -13.84 % | ||
| S3 | 0.0086 | -24.56 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0132 | 15.79 % | |
| R2 | 0.0125 | 9.65 % | ||
| R1 | 0.0118 | 3.51 % | ||
| Current price | 0.0114 | |||
| Support | S1 | 0.0112 | -2.19% | |
| S2 | 0.0110 | -3.51% | ||
| S3 | 0.0106 | -7.02% |
FAQ
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