ALX Oncology Holdings Inc. Stock Forecast
Volatile ride for ALX Oncology Holdings Inc. stock price on Wednesday moving between $14.60 and $17.04
(Updated on Apr 17, 2024)
The ALX Oncology Holdings Inc. stock price gained 10.97% on the last trading day (Wednesday, 17th Apr 2024), rising from $14.49 to $16.08. During the last trading day the stock fluctuated 16.71% from a day low at $14.60 to a day high of $17.04. The price has risen in 6 of the last 10 days and is up by 48.89% 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, 473 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $32.47 million.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $14.64, a level that may pose a second chance to hit a runner. According to fan-theory $19.12 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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ALXO Signals & Forecast
Mostly positive signals in the chart today. The ALX Oncology Holdings 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 $13.47 and $12.75. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 02, 2024, and so far it has risen 50.00%. 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 ALX Oncology Holdings Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $15.21 and $14.49. 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, ALX Oncology Holdings Inc. finds support just below today's level at $15.21. If this is broken, then the next support from accumulated volume will be at $14.49 and $12.23.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $2.44 between high and low, or 16.71%. For the last week, the stock has had daily average volatility of 12.74%.
The ALX Oncology Holdings Inc. stock is extremely overbought on RSI14 (80). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $15.53 (-3.40%) (This stock has high daily movements and this gives high risk. The RSI14 is 80 and this increases the risk substantially. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (ALXO) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect ALX Oncology Holdings Inc. to open at $15.91, and during the day (based on 14 day Average True Range), to move between $14.94 and $17.22, which gives a possible trading interval of +/-$1.14 (+/-7.07%) up or down from last closing price. If ALX Oncology Holdings Inc. takes out the full calculated possible swing range there will be an estimated 14.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $16.41 (2.05%) than the support at $15.21 (5.41%), 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 ALX Oncology Holdings Inc. stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.
Current score: 4.565 Buy Candidate Unchanged
Predicted Opening Price for ALX Oncology Holdings Inc. of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $15.91 ( 1.08%) | $16.08 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALXO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.35 | 14.10 % | |
| R2 | 17.41 | 8.30 % | ||
| R1 | 16.84 | 4.72 % | ||
| Current price: | 16.08 | |||
| Support | S1 | 14.97 | -6.87 % | |
| S2 | 14.40 | -10.46 % | ||
| S3 | 13.47 | -16.25 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.79 | 4.42 % | |
| R2 | 16.45 | 2.30 % | ||
| R1 | 16.41 | 2.05 % | ||
| Current price | 16.08 | |||
| Support | S1 | 15.21 | -5.41% | |
| S2 | 14.49 | -9.89% | ||
| S3 | 12.23 | -23.94% |
FAQ
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