Check-Cap Ltd. Stock Forecast

Check-Cap Ltd. stock downgraded to Hold/Accumulate
(Updated on Apr 19, 2024)

CHEK Signals & Forecast

The Check-Cap Ltd. 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 $2.25 and $2.24. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, March 28, 2024, and so far it has fallen -27.33%. 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 on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Check-Cap Ltd. stock

Check-Cap Ltd. finds support from accumulated volume at $2.18 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 periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0900 between high and low, or 4.07%. For the last week the stock has had daily average volatility of 6.88%.

Our recommended stop-loss: $2.11 (-6.48%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 15 days ago.)

Trading Expectations (CHEK) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Check-Cap Ltd. to open at $2.26, and during the day (based on 14 day Average True Range), to move between $2.06 and $2.46, which gives a possible trading interval of +/-$0.203 (+/-8.98%) up or down from last closing price. If Check-Cap Ltd. takes out the full calculated possible swing range there will be an estimated 17.95% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $2.18 (3.54%) than the resistance at $2.46 (8.85%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Check-Cap Ltd. stock A Buy?

Check-Cap Ltd. 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.860 Hold/Accumulate Downgraded

Predicted Opening Price for Check-Cap Ltd. of Monday, April 22, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.