Amarin Corporation PLC Stock Forecast
Green day on Wednesday for Amarin Corporation PLC
(Updated on Mar 27, 2024)
The Amarin Corporation PLC stock price gained 2.68% on the last trading day (Wednesday, 27th Mar 2024), rising from $0.87 to $0.89. During the last trading day the stock fluctuated 7.12% from a day low at $0.86 to a day high of $0.92. The price has been going up and down for this period, and there has been a 3.04% 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, 643 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $1.10 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 $0.796 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -11.92% during the next 3 months and, with a 90% probability hold a price between $0.701 and $1.14 at the end of this 3-month period.
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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 8.19%. 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). Amarin Corporation PLC 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. Higher liquidity also reduces the general risk. 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 a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $1.04. On a fall, the stock will find some support from the short-term average at $0.87. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for Amarin Corporation PLC stock
Amarin Corporation PLC finds support from accumulated volume at $0.87 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 $0.0609 between high and low, or 7.12%. For the last week, the stock has had daily average volatility of 5.76%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AMRN) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Amarin Corporation PLC to open at $0.89, and during the day (based on 14 day Average True Range), to move between $0.83 and $0.95, which gives a possible trading interval of +/-$0.0641 (+/-7.21%) up or down from last closing price. If Amarin Corporation PLC takes out the full calculated possible swing range there will be an estimated 14.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.87 (2.16%) than the resistance at $0.92 (3.91%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Amarin Corporation PLC stock A Buy?
Amarin Corporation PLC holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.230 Sell Candidate Unchanged
Predicted Opening Price for Amarin Corporation PLC of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$0.89 ( 0.281%) | $0.89 |
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 | 0.95 | 6.57 % | |
R2 | 0.92 | 3.95 % | ||
R1 | 0.91 | 2.34 % | ||
Current price: | 0.89 | |||
Support | S1 | 0.86 | -2.90 % | |
S2 | 0.85 | -4.51 % | ||
S3 | 0.83 | -7.13 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.07 | 20.33 % | |
R2 | 0.97 | 9.19 % | ||
R1 | 0.92 | 3.91 % | ||
Current price | 0.89 | |||
Support | S1 | 0.87 | -2.16% | |
S2 | 0.86 | -2.78% | ||
S3 | 0.86 | -2.95% |
FAQ
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