Alvotech Stock Forecast
Big movements in Alvotech stock price on Thursday moving 18.16% between high and low
(Updated on Jun 20, 2024)
The Alvotech stock price gained 5.15% on the last trading day (Thursday, 20th Jun 2024), rising from $3.30 to $3.47. During the last trading day the stock fluctuated 18.16% from a day low at $3.47 to a day high of $4.10. The price has fallen in 5 of the last 10 days but is still up by 3.27% over the past 2 weeks. Volume fell on the last day by -72 shares and in total, 438 shares were bought and sold for approximately $1.52 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $3.62 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -6.73% during the next 3 months and, with a 90% probability hold a price between $2.38 and $3.38 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ALVOW Signals & Forecast
The Alvotech 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 $3.33 and $3.29. A breakdown below any of these levels will issue sell signals. 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 Monday, April 15, 2024, and so far it has fallen -9.16%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Alvotech stock
Alvotech finds support from accumulated volume at $3.33 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.630 between high and low, or 18.16%. For the last week the stock has had daily average volatility of 9.10%.
Our recommended stop-loss: $3.29 (-5.32%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 59 days ago.)
Trading Expectations (ALVOW) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Alvotech to open at $3.68, and during the day (based on 14 day Average True Range), to move between $3.05 and $3.89, which gives a possible trading interval of +/-$0.422 (+/-12.17%) up or down from last closing price. If Alvotech takes out the full calculated possible swing range there will be an estimated 24.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.55 (2.31%) than the support at $3.33 (4.03%), 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 Alvotech stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.733 Buy Candidate Upgraded
Predicted Opening Price for Alvotech of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $3.68 ( 6.05%) | $3.47 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALVOW
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.31 | 24.21% |
| R2 | 4.07 | 17.27% |
| R1 | 3.92 | 12.99% |
| Price | 3.47 | |
| S1 | 3.44 | -0.88% |
| S2 | 3.29 | -5.17% |
| S3 | 3.05 | -12.10% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.81 | 9.80% |
| R2 | 3.80 | 9.51% |
| R1 | 3.55 | 2.31% |
| Price | 3.47 | |
| S1 | 3.33 | -4.03% |
| S2 | 3.30 | -4.90% |
| S3 | 3.22 | -7.20% |
FAQ
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