Algernon Pharmaceuticals Inc. Stock Forecast
Algernon Pharmaceuticals Inc. stock price fell more than -9.02% Thursday closing at $0.0900
(Updated on May 16, 2024)
The Algernon Pharmaceuticals Inc. stock price fell by -9.02% on the last day (Thursday, 16th May 2024) from $0.0989 to $0.0900. During the last trading day the stock fluctuated 9.80% from a day low at $0.0900 to a day high of $0.0988. The price has fallen in 5 of the last 10 days but is still up by 9.3% 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 -29 thousand shares and in total, 17 thousand shares were bought and sold for approximately $1.56 thousand.
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 51.47% during the next 3 months and, with a 90% probability hold a price between $0.112 and $0.152 at the end of this 3-month period.
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AGNPF Signals & Forecast
The Algernon Pharmaceuticals Inc. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $0.0909. On a fall, the stock will find some support from the long-term average at approximately $0.0803. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month 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, May 14, 2024, and so far it has fallen -9.31%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Algernon Pharmaceuticals Inc. stock
Algernon Pharmaceuticals Inc. finds support from accumulated volume at $0.0890 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0088 between high and low, or 9.80%. For the last week the stock has had daily average volatility of 14.55%.
Our recommended stop-loss: $0.0846 (-6.02%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (AGNPF) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect Algernon Pharmaceuticals Inc. to open at $0.0929, and during the day (based on 14 day Average True Range), to move between $0.0811 and $0.0989, which gives a possible trading interval of +/-$0.0089 (+/-9.91%) up or down from last closing price. If Algernon Pharmaceuticals Inc. takes out the full calculated possible swing range there will be an estimated 19.81% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0903 (0.28%) than the support at $0.0890 (1.11%), 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 Algernon Pharmaceuticals Inc. stock A Buy?
Algernon Pharmaceuticals 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.
Current score: 0.933 Hold/Accumulate Downgraded
Predicted Opening Price for Algernon Pharmaceuticals Inc. of Friday, May 17, 2024
Fair opening price May 17, 2024 | Current price |
---|---|
$0.0929 ( 3.27%) | $0.0900 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AGNPF
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.102 | 13.07 % | |
R2 | 0.0984 | 9.32 % | ||
R1 | 0.0963 | 7.01 % | ||
Current price: | 0.0900 | |||
Support | S1 | 0.0896 | -0.477 % | |
S2 | 0.0875 | -2.79 % | ||
S3 | 0.0841 | -6.53 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0989 | 9.91 % | |
R2 | 0.0920 | 2.22 % | ||
R1 | 0.0903 | 0.278 % | ||
Current price | 0.0900 | |||
Support | S1 | 0.0890 | -1.11% | |
S2 | 0.0831 | -7.67% | ||
S3 | 0.0710 | -21.11% |
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