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Volatile ride for Evofem Biosciences Inc. stock price on Thursday moving between $0.81 and $1.20

StockInvest.us, 2 months ago

Evofem Biosciences

The Evofem Biosciences Inc. stock price gained 15.24% on the last trading day (Thursday, 30th Jun 2022), rising from $0.98 to $1.13. During the day the stock fluctuated 48.15% from a day low at $0.81 to a day high of $1.20. The price has risen in 5 of the last 10 days and is up by 282.66% 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, 22 million more shares were traded than the day before. In total, 118 million shares were bought and sold for approximately $133.12 million.

Laidlaw & Co. is very positive about EVFM and gave it a "" rating on Jun 02, 2022. The price target was set to 3.5.Over the last 90 days, this security got 3 buy, 2 sell, and 0 hold ratings.

The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 27.63% during the next 3 months and, with a 90% probability hold a price between $0.41 and $2.05 at the end of this 3-month period.

Evofem Biosciences

The Evofem 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 $0.75 and $0.58. A breakdown below any of these levels will issue sell signals. 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. 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 Friday, May 06, 2022, and so far it has fallen -19.29%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $1.07 and $1.03.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, Evofem Biosciences Inc. finds support just below today's level at $1.07. If this is broken, then the next support from accumulated volume will be at $1.03 and $0.98.

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 $0.39 between high and low, or 48.15%. For the last week, the stock has had a daily average volatility of 56.87%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Evofem Biosciences Inc. stock to perform well in the short-term.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Check full Evofem Biosciences forecast and analysis here.