American Well Corporation Stock Forecast
American Well Corporation stock price took a fall of -6.82% on Wednesday
(Updated on May 08, 2024)
The American Well Corporation stock price fell by -6.82% on the last day (Wednesday, 8th May 2024) from $0.556 to $0.518. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 9.25% from a day low at $0.510 to a day high of $0.557. The price has fallen in 6 of the last 10 days and is down by -2.96% for this period. Volume has increased on the last day by 1 million 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, 2 million shares were bought and sold for approximately $1.11 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -56.77% during the next 3 months and, with a 90% probability hold a price between $0.188 and $0.254 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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AMWL Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 1.47%. Further rise is indicated until a new top pivot has been found. 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. The American Well Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.539 and $0.654. A break-up above any of these levels will issue buy signals. American Well Corporation gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for American Well Corporation stock
American Well Corporation finds support from accumulated volume at $0.515 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 a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0472 between high and low, or 9.25%. For the last week, the stock has had daily average volatility of 10.06%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AMWL) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect American Well Corporation to open at $0.528, and during the day (based on 14 day Average True Range), to move between $0.462 and $0.574, which gives a possible trading interval of +/-$0.0563 (+/-10.87%) up or down from last closing price. If American Well Corporation takes out the full calculated possible swing range there will be an estimated 21.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.520 (0.44%) than the support at $0.515 (0.52%), 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 American Well Corporation stock A Buy?
American Well Corporation holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -3.591 Sell Candidate Unchanged
Predicted Opening Price for American Well Corporation of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $0.528 ( 2.01%) | $0.518 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AMWL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.576 | 11.12 % | |
| R2 | 0.558 | 7.64 % | ||
| R1 | 0.546 | 5.49 % | ||
| Current price: | 0.518 | |||
| Support | S1 | 0.510 | -1.47 % | |
| S2 | 0.499 | -3.62 % | ||
| S3 | 0.481 | -7.10 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.570 | 10.04 % | |
| R2 | 0.557 | 7.61 % | ||
| R1 | 0.520 | 0.444 % | ||
| Current price | 0.518 | |||
| Support | S1 | 0.515 | -0.521% | |
| S2 | 0.514 | -0.792% | ||
| S3 | 0.511 | -1.45% |
FAQ
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