High volatility in Bright Minds Biosciences Inc. stock price on Tuesday which ended trading at $38.49

The Bright Minds Biosciences Inc. stock price gained 1,445.78% on the last trading day (Tuesday, 15th Oct 2024), rising from $2.49 to $38.49. It has now gained 4 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 1,445.78% from a day low at $2.49 to a day high of $38.49. The price has risen in 6 of the last 10 days and is up by 3399.09% 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, 83 million more shares were traded than the day before. In total, 98 million shares were bought and sold for approximately $3.77 billion.

The stock has broken the very 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 $4.58, a level that may pose a second chance to hit a runner.

The Bright Minds Biosciences 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 $6.63 and $2.27. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, October 09, 2024, and so far it has risen 3,550.42%. 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.

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

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 $36.00 between high and low, or 1,445.78%. For the last week, the stock has had daily average volatility of 322.10%.

The Bright Minds Biosciences Inc. stock is extremely overbought on RSI14 (99). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Bright Minds Biosciences 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.