Relay Therapeutics Inc. Stock Forecast
Big movements in Relay Therapeutics Inc. stock price on Tuesday moving 12.95% between high and low
(Updated on May 21, 2024)
The Relay Therapeutics Inc. stock price gained 11.50% on the last trading day (Tuesday, 21st May 2024), rising from $6.78 to $7.56. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 12.95% from a day low at $6.72 to a day high of $7.59. The price has risen in 5 of the last 10 days and is up by 12.17% over the past 2 weeks. Volume fell on the last day by -889 thousand shares and in total, 1 million shares were bought and sold for approximately $10.86 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.
Given the current short-term trend, the stock is expected to fall -35.49% during the next 3 months and, with a 90% probability hold a price between $2.94 and $4.88 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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RLAY Signals & Forecast
The Relay Therapeutics 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 $6.72 and $6.66. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 28.14%. 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 Relay Therapeutics Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $6.90 and $6.42. 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, Relay Therapeutics Inc. finds support just below today's level at $6.90. If this is broken, then the next support from accumulated volume will be at $6.42 and $6.11.
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 $0.87 between high and low, or 12.95%. For the last week, the stock has had daily average volatility of 7.70%.
Our recommended stop-loss: $7.32 (-3.22%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 37 days ago.)
Trading Expectations (RLAY) For The Upcoming Trading Day Of Wednesday 22nd
For the upcoming trading day on Wednesday, 22nd we expect Relay Therapeutics Inc. to open at $7.29, and during the day (based on 14 day Average True Range), to move between $7.03 and $8.09, which gives a possible trading interval of +/-$0.526 (+/-6.96%) up or down from last closing price. If Relay Therapeutics Inc. takes out the full calculated possible swing range there will be an estimated 13.93% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $7.79 (3.04%) than the support at $6.90 (8.73%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Relay Therapeutics Inc. stock A Buy?
Relay Therapeutics Inc. 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: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Relay Therapeutics Inc. of Wednesday, May 22, 2024
| Fair opening price May 22, 2024 | Current price |
|---|---|
| $7.29 ( 3.57%) | $7.56 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RLAY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.16 | 7.94 % | |
| R2 | 7.83 | 3.54 % | ||
| R1 | 7.62 | 0.82 % | ||
| Current price: | 7.56 | |||
| Support | S1 | 6.96 | -7.97 % | |
| S2 | 6.75 | -10.68 % | ||
| S3 | 6.42 | -15.08 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.99 | 5.69 % | |
| R2 | 7.95 | 5.16 % | ||
| R1 | 7.79 | 3.04 % | ||
| Current price | 7.56 | |||
| Support | S1 | 6.90 | -8.73% | |
| S2 | 6.42 | -15.08% | ||
| S3 | 6.11 | -19.18% |
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