Alvotech Stock Forecast

Big movements in Alvotech stock price on Monday moving 11.58% between high and low
(Updated on Jun 24, 2024)

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 $3.36 and $3.28. 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). Volume gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point". The very low volume increases the risk and reduces the other technical signals issued. 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 Thursday, May 30, 2024, and so far it has fallen -2.25%. Further fall is indicated until a new bottom pivot has been found.

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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.360 between high and low, or 11.58%. For the last week, the stock has had daily average volatility of 10.77%.

Our recommended stop-loss: $3.31 (-4.72%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 35 days ago.)

Trading Expectations (ALVOW) For The Upcoming Trading Day Of Tuesday 25th

For the upcoming trading day on Tuesday, 25th we expect Alvotech to open at $3.35, and during the day (based on 14 day Average True Range), to move between $3.08 and $3.86, which gives a possible trading interval of +/-$0.392 (+/-11.30%) up or down from last closing price. If Alvotech takes out the full calculated possible swing range there will be an estimated 22.59% 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?

Alvotech 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Upgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Alvotech of Tuesday, June 25, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.