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Volatile ride for Oncology Pharma Inc. stock price on Friday moving between $30.72 and $33.99

StockInvest.us, 3 months ago


The Oncology Pharma Inc. stock price fell by -0.94% on the last day (Friday, 18th Jun 2021) from $34.00 to $33.68. During the day the stock fluctuated 10.64% from a day low at $30.72 to a day high of $33.99. The price has risen in 7 of the last 10 days and is up by 49.49% 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 -333 thousand shares and in total, 137 thousand shares were bought and sold for approximately $4.62 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 $18.36 and $38.75 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 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 $33.41 and $25.97. A breakdown below any of these levels will issue sell signals. 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 -15.27%. 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 $3.27 between high and low, or 10.64%. For the last week, the stock has had a daily average volatility of 16.57%.

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

Check full Oncology Pharma Inc. forecast and analysis here.