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Volatile ride for Cassava Sciences Inc. stock price on Tuesday moving between $82.09 and $93.63

StockInvest.us, 2 months ago

StockInvest.us

The Cassava Sciences Inc. stock price gained 6.10% on the last trading day (Tuesday, 3rd Aug 2021), rising from $79.98 to $84.86. , and 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 day the stock fluctuated 14.06% from a day low at $82.09 to a day high of $93.63. The price has risen in 6 of the last 10 days, but is still down by -6.57% for this period. Volume fell on the last day by -3 million shares and in total, 10 million shares were bought and sold for approximately $871.80 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.

On August 03, 2021 "B. Riley" gave "$111.00 - $145.00" rating for SAVA. The price target was set to $86.88+8.6%.Over the last 30 days, this security got 1 buy, 0 sell, and 0 hold ratings.

The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $71.96 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 120.37% during the next 3 months and, with a 90% probability hold a price between $158.58 and $308.87 at the end of this 3-month period.

Cassava Sciences Inc.

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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Cassava Sciences Inc. 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 $102.93 and $93.22. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, July 28, 2021, and so far it has fallen -37.28%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $79.98 and $77.00.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, Cassava Sciences Inc. finds support just below today's level at $79.98. If this is broken, then the next support from accumulated volume will be at $77.00 and $69.53.

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 $11.54 between high and low, or 14.06%. For the last week, the stock has had a daily average volatility of 27.66%.

The Cassava Sciences Inc. stock holds several negative signals and despite the positive trend, we believe Cassava Sciences Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Check full Cassava Sciences Inc. forecast and analysis here.