Belite Bio, Inc Stock Forecast
Strong day for Belite Bio, Inc stock price on Friday rising 6.10% to $44.97
(Updated on May 17, 2024)
The Belite Bio, Inc stock price gained 6.10% on the last trading day (Friday, 17th May 2024), rising from $42.38 to $44.97. During the last trading day the stock fluctuated 7.38% from a day low at $41.88 to a day high of $44.97. The price has fallen in 6 of the last 10 days but is still up by 4.1% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 75 thousand more shares were traded than the day before. In total, 106 thousand shares were bought and sold for approximately $4.75 million.
Given the current short-term trend, the stock is expected to fall -11.56% during the next 3 months and, with a 90% probability hold a price between $26.75 and $39.77 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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BLTE Signals & Forecast
Mostly positive signals in the chart today. The Belite Bio, 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 $42.58 and $39.55. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 39.10%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Belite Bio, Inc stock
Belite Bio, Inc finds support from accumulated volume at $44.60 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 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 $3.09 between high and low, or 7.38%. For the last week, the stock has had daily average volatility of 4.68%.
Our recommended stop-loss: $43.20 (-3.94%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (BLTE) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Belite Bio, Inc to open at $43.94, and during the day (based on 14 day Average True Range), to move between $43.01 and $46.93, which gives a possible trading interval of +/-$1.96 (+/-4.35%) up or down from last closing price. If Belite Bio, Inc takes out the full calculated possible swing range there will be an estimated 8.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $45.13 (0.36%) than the support at $44.60 (0.82%), 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 Belite Bio, Inc stock A Buy?
Belite Bio, Inc holds several positive signals and despite the stock being in a falling trend, we considered it to be a good choice at these current levels. We expect Belite Bio, Inc stock will perform very well in the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.
Current score: 5.237 Strong Buy Candidate Upgraded
Predicted Opening Price for Belite Bio, Inc of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $43.94 ( 2.29%) | $44.97 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BLTE
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 47.03 | 4.58 % | |
| R2 | 45.85 | 1.96 % | ||
| R1 | 45.12 | 0.334 % | ||
| Current price: | 44.97 | |||
| Support | S1 | 42.76 | -4.92 % | |
| S2 | 42.03 | -6.54 % | ||
| S3 | 40.85 | -9.16 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 46.69 | 3.82 % | |
| R2 | 45.80 | 1.85 % | ||
| R1 | 45.13 | 0.356 % | ||
| Current price | 44.97 | |||
| Support | S1 | 44.60 | -0.82% | |
| S2 | 43.20 | -3.94% | ||
| S3 | 37.81 | -15.92% |
FAQ
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