Alkermes plc Stock Forecast
Weaker technical forecast for Alkermes plc as stock downgraded to Strong Sell Candidate.
(Updated on Apr 18, 2024)
The Alkermes plc stock price fell by -1.04% on the last day (Thursday, 18th Apr 2024) from $24.01 to $23.76. During the last trading day the stock fluctuated 2.20% from a day low at $23.62 to a day high of $24.14. The price has fallen in 7 of the last 10 days and is down by -7.94% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -510 thousand shares and in total, 2 million shares were bought and sold for approximately $41.45 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 $23.67 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -9.16% during the next 3 months and, with a 90% probability hold a price between $21.50 and $27.64 at the end of this 3-month period.
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ALKS Signals & Forecast
There are few to no technical positive signals at the moment. The Alkermes 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 $24.44 and $27.21. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, February 15, 2024, and so far it has fallen -27.03%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Alkermes plc stock
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 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 $0.520 between high and low, or 2.20%. For the last week, the stock has had daily average volatility of 2.95%.
Alkermes plc is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ALKS) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Alkermes plc to open at $23.84, and during the day (based on 14 day Average True Range), to move between $22.95 and $24.57, which gives a possible trading interval of +/-$0.81 (+/-3.42%) up or down from last closing price. If Alkermes plc takes out the full calculated possible swing range there will be an estimated 6.85% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $26.73, some $2.97 (12.50%) from the current price of $23.76, our system finds the risk reward not very attractive.
Earnings coming up
Alkermes plc will release earnings BMO on Wednesday, April 24, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.640. We will update the financials statements for Alkermes plc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 9.73% in the first trading day after earnings release.
Is Alkermes plc stock A Buy?
Alkermes 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: -5.164 Strong Sell Candidate Downgraded
Predicted Opening Price for Alkermes plc of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $23.84 ( 0.337%) | $23.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALKS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 24.36 | 2.53 % | |
| R2 | 24.16 | 1.69 % | ||
| R1 | 24.04 | 1.17 % | ||
| Current price: | 23.76 | |||
| Support | S1 | 23.64 | -0.499 % | |
| S2 | 23.52 | -1.02 % | ||
| S3 | 23.32 | -1.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 28.75 | 21.00 % | |
| R2 | 26.77 | 12.67 % | ||
| R1 | 26.73 | 12.50 % | ||
| Current price | 23.76 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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