Amneal Pharmaceuticals, Inc. Stock Forecast
Weaker technical forecast for Amneal Pharmaceuticals, Inc. as stock downgraded to Sell Candidate.
(Updated on Apr 25, 2024)
The Amneal Pharmaceuticals, Inc. stock price fell by -2.48% on the last day (Thursday, 25th Apr 2024) from $6.05 to $5.90. During the last trading day the stock fluctuated 6.80% from a day low at $5.59 to a day high of $5.97. The price has been going up and down for this period, and there has been a 3.69% gain for the last 2 weeks. Volume has increased on the last day by 479 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately $20.01 million.
The stock lies in the middle of a wide and weak 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 3.14% during the next 3 months and, with a 90% probability hold a price between $5.54 and $6.62 at the end of this 3-month period.
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AMRX Signals & Forecast
The Amneal Pharmaceuticals, 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 $5.57 and $5.74. A breakdown below any of these levels will issue sell signals. 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 Wednesday, April 24, 2024, and so far it has fallen -2.48%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Amneal Pharmaceuticals, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $5.52 and $5.47. 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, Amneal Pharmaceuticals, Inc. finds support just below today's level at $5.52. If this is broken, then the next support from accumulated volume will be at $5.47 and $5.40.
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 $0.380 between high and low, or 6.80%. For the last week, the stock has had daily average volatility of 5.13%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AMRX) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Amneal Pharmaceuticals, Inc. to open at $5.82, and during the day (based on 14 day Average True Range), to move between $5.61 and $6.19, which gives a possible trading interval of +/-$0.285 (+/-4.83%) up or down from last closing price. If Amneal Pharmaceuticals, Inc. takes out the full calculated possible swing range there will be an estimated 9.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.05 (2.54%) than the support at $5.52 (6.44%), 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.
Earnings coming up
Amneal Pharmaceuticals, Inc. will release earnings BMO on Friday, May 03, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.0900. We will update the financials statements for Amneal Pharmaceuticals, Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 15.10% in the first trading day after earnings release.
Is Amneal Pharmaceuticals, Inc. stock A Buy?
The Amneal Pharmaceuticals, Inc. stock holds several negative signals and despite the positive trend, we believe Amneal Pharmaceuticals, Inc. will perform weakly in the next couple of days or weeks. Therefore, we 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 Buy to a Sell candidate.
Current score: -1.460 Sell Candidate Downgraded
Predicted Opening Price for Amneal Pharmaceuticals, Inc. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $5.82 ( 1.36%) | $5.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AMRX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.20 | 5.08 % | |
| R2 | 6.05 | 2.62 % | ||
| R1 | 5.97 | 1.10 % | ||
| Current price: | 5.90 | |||
| Support | S1 | 5.67 | -3.82 % | |
| S2 | 5.59 | -5.34 % | ||
| S3 | 5.44 | -7.80 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.34 | 7.46 % | |
| R2 | 6.12 | 3.73 % | ||
| R1 | 6.05 | 2.54 % | ||
| Current price | 5.90 | |||
| Support | S1 | 5.52 | -6.44% | |
| S2 | 5.47 | -7.29% | ||
| S3 | 5.40 | -8.47% |
FAQ
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