Silk Road Medical Inc. Stock Forecast
Green day on Wednesday for Silk Road Medical Inc. stock after gaining 2.70%
(Updated on May 15, 2024)
The Silk Road Medical Inc. stock price gained 2.70% on the last trading day (Wednesday, 15th May 2024), rising from $21.09 to $21.66. During the last trading day the stock fluctuated 3.51% from a day low at $21.11 to a day high of $21.85. The price has risen in 6 of the last 10 days and is up by 7.44% over the past 2 weeks. Volume fell on the last day by -36 thousand shares and in total, 426 thousand shares were bought and sold for approximately $9.24 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $20.97, a level that may pose a second chance to hit a runner. According to fan-theory $24.02 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
SILK Signals & Forecast
Mostly positive signals in the chart today. The Silk Road Medical 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 $20.67 and $18.72. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 04, 2024, and so far it has risen 27.79%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Silk Road Medical Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $20.16 and $17.99. 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, Silk Road Medical Inc. finds support just below today's level at $20.16. If this is broken, then the next support from accumulated volume will be at $17.99 and $17.17.
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 $0.740 between high and low, or 3.51%. For the last week, the stock has had daily average volatility of 4.52%.
Our recommended stop-loss: $20.98 (-3.12%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 29 days ago.)
Trading Expectations (SILK) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect Silk Road Medical Inc. to open at $21.54, and during the day (based on 14 day Average True Range), to move between $20.58 and $22.74, which gives a possible trading interval of +/-$1.08 (+/-4.99%) up or down from last closing price. If Silk Road Medical Inc. takes out the full calculated possible swing range there will be an estimated 9.98% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $20.16, some $1.50 (6.93%) from the current price of $21.66, our system finds the risk reward attractive.
Is Silk Road Medical Inc. stock A Buy?
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Silk Road Medical Inc. stock to perform well in the short-term period.
Current score: 5.650 Strong Buy Candidate Unchanged
Predicted Opening Price for Silk Road Medical Inc. of Thursday, May 16, 2024
| Fair opening price May 16, 2024 | Current price |
|---|---|
| $21.54 ( 0.554%) | $21.66 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SILK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 22.28 | 2.86 % | |
| R2 | 22.00 | 1.56 % | ||
| R1 | 21.82 | 0.751 % | ||
| Current price: | 21.66 | |||
| Support | S1 | 21.26 | -1.86 % | |
| S2 | 21.08 | -2.67 % | ||
| S3 | 20.80 | -3.97 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 21.66 | |||
| Support | S1 | 20.16 | -6.93% | |
| S2 | 17.99 | -16.94% | ||
| S3 | 17.17 | -20.73% |
FAQ
Click here for our free guide on how to buy Silk Road Medical Inc. Stock.
