Amarin Corporation PLC Stock Forecast
Stronger technical forecast for Amarin Corporation PLC stock price after Wednesday trading.
(Updated on Apr 24, 2024)
The Amarin Corporation PLC stock price fell by -0.532% on the last day (Wednesday, 24th Apr 2024) from $0.88 to $0.88. During the last trading day the stock fluctuated 2.72% from a day low at $0.87 to a day high of $0.89. The price has fallen in 7 of the last 10 days and is down by -15.52% 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 -104 thousand shares and in total, 657 thousand shares were bought and sold for approximately $577.14 thousand.
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 -27.39% during the next 3 months and, with a 90% probability hold a price between $0.462 and $0.788 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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AMRN Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, March 14, 2024, and so far it has risen 6.90%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Amarin Corporation 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 $0.88 and $0.92. 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). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Amarin Corporation PLC stock
Amarin Corporation PLC finds support from accumulated volume at $0.86 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 much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0235 between high and low, or 2.72%. For the last week the stock has had daily average volatility of 4.49%.
Amarin Corporation PLC is oversold on RSI14 (21). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $0.83 (-5.48%) (This stock has high daily movements and this gives high risk. Low RSI14 is 21 which reduces the risk some. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (AMRN) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Amarin Corporation PLC to open at $0.88, and during the day (based on 14 day Average True Range), to move between $0.82 and $0.94, which gives a possible trading interval of +/-$0.0572 (+/-6.51%) up or down from last closing price. If Amarin Corporation PLC takes out the full calculated possible swing range there will be an estimated 13.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.86 (1.60%) than the resistance at $0.92 (5.17%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Amarin Corporation PLC will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.0400. We will update the financials statements for Amarin Corporation PLC, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 10.60% in the first trading day after earnings release.
Is Amarin Corporation PLC stock A Buy?
Amarin Corporation PLC holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.802 Hold/Accumulate Upgraded
Predicted Opening Price for Amarin Corporation PLC of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $0.88 ( 0.102%) | $0.88 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AMRN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.90 | 2.57 % | |
| R2 | 0.89 | 1.55 % | ||
| R1 | 0.89 | 0.92 % | ||
| Current price: | 0.88 | |||
| Support | S1 | 0.87 | -1.12 % | |
| S2 | 0.86 | -1.76 % | ||
| S3 | 0.85 | -2.78 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.07 | 21.78 % | |
| R2 | 1.06 | 20.65 % | ||
| R1 | 0.92 | 5.17 % | ||
| Current price | 0.88 | |||
| Support | S1 | 0.86 | -1.60% | |
| S2 | 0.86 | -1.78% | ||
| S3 | 0.82 | -6.45% |
FAQ
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