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High volatility in Oncology Pharma Inc. stock price on Wednesday which ended trading at $33.66

StockInvest.us, 3 months ago


The Oncology Pharma Inc. stock price fell by -2.63% on the last day (Wednesday, 23rd Jun 2021) from $34.57 to $33.66. and has now fallen 3 days in a row. During the day the stock fluctuated 10.65% from a day low at $33.34 to a day high of $36.89. The price has risen in 5 of the last 10 days and is up by 27.02% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -40 thousand shares and in total, 303 thousand shares were bought and sold for approximately $10.19 million.

The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Oncology Pharma Inc. stock with a 90% probability to be traded between $18.80 and $39.63 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

Oncology Pharma Inc.

The Oncology Pharma Inc. stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $34.57. On a fall, the stock will find some support from the long-term average at approximately $26.12. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, April 27, 2021, and so far it has fallen -15.32%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

On the downside, the stock finds support just below today's level from accumulated volume at $31.81 and $30.70.There is 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, Oncology Pharma Inc. finds support just below today's level at $31.81. If this is broken, then the next support from accumulated volume will be at $30.70 and $28.99.

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 $3.55 between high and low, or 10.65%. For the last week, the stock has had a daily average volatility of 11.89%.

Oncology Pharma Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, 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 Sell candidate.

Check full Oncology Pharma Inc. forecast and analysis here.