ABVC BioPharma, Inc. Stock Forecast
Volatile ride for ABVC BioPharma, Inc. stock price on Tuesday moving between $1.01 and $1.37
(Updated on Apr 23, 2024)
The ABVC BioPharma, Inc. stock price gained 29.81% on the last trading day (Tuesday, 23rd Apr 2024), rising from $1.04 to $1.35. During the last trading day the stock fluctuated 35.64% from a day low at $1.01 to a day high of $1.37. The price has risen in 5 of the last 10 days and is up by 14.41% 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, 7 million more shares were traded than the day before. In total, 7 million shares were bought and sold for approximately $9.64 million.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $1.30, a level that may pose a second chance to hit a runner. According to fan-theory $1.64 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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ABVC Signals & Forecast
The ABVC BioPharma, Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $1.09 and $1.18. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 36.35%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for ABVC BioPharma, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.28 and $1.14. There is a 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, ABVC BioPharma, Inc. finds support just below today's level at $1.28. If this is broken, then the next support from accumulated volume will be at $1.14 and $1.02.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.360 between high and low, or 35.64%. For the last week, the stock has had daily average volatility of 17.53%.
Our recommended stop-loss: $1.30 (-3.92%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (ABVC) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect ABVC BioPharma, Inc. to open at $1.24, and during the day (based on 14 day Average True Range), to move between $1.23 and $1.47, which gives a possible trading interval of +/-$0.117 (+/-8.67%) up or down from last closing price. If ABVC BioPharma, Inc. takes out the full calculated possible swing range there will be an estimated 17.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.37 (1.48%) than the support at $1.28 (5.19%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is ABVC BioPharma, Inc. stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.940 Buy Candidate Upgraded
Predicted Opening Price for ABVC BioPharma, Inc. of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $1.24 ( 7.90%) | $1.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ABVC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.60 | 18.77 % | |
| R2 | 1.47 | 8.58 % | ||
| R1 | 1.38 | 2.29 % | ||
| Current price: | 1.35 | |||
| Support | S1 | 1.11 | -18.09 % | |
| S2 | 1.02 | -24.38 % | ||
| S3 | 0.88 | -34.57 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.52 | 12.59 % | |
| R2 | 1.45 | 7.41 % | ||
| R1 | 1.37 | 1.48 % | ||
| Current price | 1.35 | |||
| Support | S1 | 1.28 | -5.19% | |
| S2 | 1.14 | -15.56% | ||
| S3 | 1.02 | -24.44% |
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