Adial Pharmaceuticals Inc. Stock Forecast
A very strong day for Adial Pharmaceuticals Inc. stock price on Friday
(Updated on May 17, 2024)
The Adial Pharmaceuticals Inc. stock price gained 9.93% on the last trading day (Friday, 17th May 2024), rising from $1.41 to $1.55. During the last trading day the stock fluctuated 9.77% from a day low at $1.43 to a day high of $1.57. The price has fallen in 7 of the last 10 days and is down by -8.82% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 56 thousand more shares were traded than the day before. In total, 135 thousand shares were bought and sold for approximately $208.93 thousand.
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 Adial Pharmaceuticals Inc. stock with a 90% probability to be traded between $0.88 and $3.36 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.
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ADIL Signals & Forecast
There are mixed signals in the stock today. The Adial Pharmaceuticals Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $1.71. On a fall, the stock will find some support from the short-term average at $1.49. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Friday, March 01, 2024, and so far it has fallen -52.45%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Adial Pharmaceuticals Inc. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Adial Pharmaceuticals Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.35 and $1.23. 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, Adial Pharmaceuticals Inc. finds support just below today's level at $1.35. If this is broken, then the next support from accumulated volume will be at $1.23 and $1.22.
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 $0.140 between high and low, or 9.77%. For the last week, the stock has had daily average volatility of 10.59%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ADIL) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Adial Pharmaceuticals Inc. to open at $1.52, and during the day (based on 14 day Average True Range), to move between $1.33 and $1.77, which gives a possible trading interval of +/-$0.217 (+/-13.99%) up or down from last closing price. If Adial Pharmaceuticals Inc. takes out the full calculated possible swing range there will be an estimated 27.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.62 (4.52%) than the support at $1.35 (12.90%), 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 Adial Pharmaceuticals Inc. stock A Buy?
Adial Pharmaceuticals Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.882 Sell Candidate Downgraded
Predicted Opening Price for Adial Pharmaceuticals Inc. of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $1.52 ( 2.16%) | $1.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ADIL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.66 | 6.86 % | |
| R2 | 1.60 | 3.41 % | ||
| R1 | 1.57 | 1.29 % | ||
| Current price: | 1.55 | |||
| Support | S1 | 1.46 | -5.60 % | |
| S2 | 1.43 | -7.73 % | ||
| S3 | 1.38 | -11.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.90 | 22.58 % | |
| R2 | 1.70 | 9.68 % | ||
| R1 | 1.62 | 4.52 % | ||
| Current price | 1.55 | |||
| Support | S1 | 1.35 | -12.90% | |
| S2 | 1.23 | -20.65% | ||
| S3 | 1.22 | -21.29% |
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