Veracyte Stock Forecast
Evaluation of Veracyte stock downgraded after the last trading session.
(Updated on Jun 28, 2024)
The Veracyte stock price fell by -1.46% on the last day (Friday, 28th Jun 2024) from $21.99 to $21.67. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 4.69% from a day low at $21.13 to a day high of $22.12. The price has been going up and down for this period, and there has been a -0.55% loss for the last 2 weeks. Volume has increased on the last day by 760 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 million shares were bought and sold for approximately $30.60 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 9.88% during the next 3 months and, with a 90% probability hold a price between $22.68 and $27.05 at the end of this 3-month period.
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VCYT Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Veracyte stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $22.30 and $21.74. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -7.98%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Veracyte stock
Veracyte finds support from accumulated volume at $21.41 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.99 between high and low, or 4.69%. For the last week, the stock has had daily average volatility of 3.32%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (VCYT) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Veracyte to open at $21.64, and during the day (based on 14 day Average True Range), to move between $20.84 and $22.50, which gives a possible trading interval of +/-$0.83 (+/-3.83%) up or down from last closing price. If Veracyte takes out the full calculated possible swing range there will be an estimated 7.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $21.41 (1.20%) than the resistance at $22.50 (3.83%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Veracyte stock A Buy?
The Veracyte stock holds several negative signals and despite the positive trend, we believe Veracyte will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. 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 Strong Sell candidate.
Current score: -5.004 Strong Sell Candidate Downgraded
Predicted Opening Price for Veracyte of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $21.64 ( 0.138%) | $21.67 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for VCYT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 22.63 | 4.43% |
| R2 | 22.25 | 2.68% |
| R1 | 22.02 | 1.61% |
| Price | 21.67 | |
| S1 | 21.26 | -1.88% |
| S2 | 21.03 | -2.96% |
| S3 | 20.65 | -4.71% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 23.02 | 6.23% |
| R2 | 22.54 | 4.01% |
| R1 | 22.50 | 3.83% |
| Price | 21.67 | |
| S1 | 21.41 | -1.20% |
| S2 | 20.63 | -4.80% |
| S3 | 20.12 | -7.15% |
FAQ
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