Volatile ride for Oncology Pharma Inc. stock price on Wednesday moving between $25.76 and $36.96StockInvest.us, 5 months ago
The Oncology Pharma Inc. stock price fell by -6.59% on the last day (Wednesday, 16th Jun 2021) from $36.40 to $34.00. During the day the stock fluctuated 43.48% from a day low at $25.76 to a day high of $36.96. The price has risen in 9 of the last 10 days and is up by 63.3% over the past 2 weeks. Volume has increased on the last day by 34 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 470 thousand shares were bought and sold for approximately $15.99 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 $18.53 and $39.08 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.
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 $31.03 and $26.29. 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 -14.47%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
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 $11.20 between high and low, or 43.48%. For the last week, the stock has had a daily average volatility of 15.45%.
Oncology Pharma 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.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 Hold/Accumulate candidate.Check full Oncology Pharma Inc. forecast and analysis here.