Aerovate Therapeutics, Inc. Stock Forecast
Volatile ride for Aerovate Therapeutics, Inc. stock price on Friday moving between $19.59 and $21.68
(Updated on May 10, 2024)
The Aerovate Therapeutics, Inc. stock price fell by -8.02% on the last day (Friday, 10th May 2024) from $21.56 to $19.83. During the last trading day the stock fluctuated 10.70% from a day low at $19.59 to a day high of $21.68. The price has fallen in 6 of the last 10 days and is down by -8.83% for this period. 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 -50 thousand shares and in total, 77 thousand shares were bought and sold for approximately $1.54 million.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $19.00 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Aerovate Therapeutics, Inc. stock with a 90% probability to be traded between $19.14 and $31.07 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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AVTE Signals & Forecast
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 Aerovate Therapeutics, Inc. 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 $20.65 and $24.13. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 01, 2024, and so far it has fallen -35.51%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Aerovate Therapeutics, Inc. stock
Aerovate Therapeutics, Inc. finds support from accumulated volume at $18.85 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 $2.10 between high and low, or 10.70%. For the last week, the stock has had daily average volatility of 6.42%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AVTE) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Aerovate Therapeutics, Inc. to open at $20.37, and during the day (based on 14 day Average True Range), to move between $18.07 and $21.59, which gives a possible trading interval of +/-$1.76 (+/-8.88%) up or down from last closing price. If Aerovate Therapeutics, Inc. takes out the full calculated possible swing range there will be an estimated 17.76% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $18.85 (4.94%) than the resistance at $21.20 (6.91%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Aerovate Therapeutics, Inc. stock A Buy?
Aerovate Therapeutics, Inc. 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.513 Sell Candidate Downgraded
Predicted Opening Price for Aerovate Therapeutics, Inc. of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $20.37 ( 2.70%) | $19.83 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AVTE
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 22.46 | 13.26 % | |
| R2 | 21.66 | 9.23 % | ||
| R1 | 21.17 | 6.73 % | ||
| Current price: | 19.83 | |||
| Support | S1 | 19.56 | -1.34 % | |
| S2 | 19.07 | -3.83 % | ||
| S3 | 18.27 | -7.87 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 24.14 | 21.73 % | |
| R2 | 22.05 | 11.20 % | ||
| R1 | 21.20 | 6.91 % | ||
| Current price | 19.83 | |||
| Support | S1 | 18.85 | -4.94% | |
| S2 | 18.82 | -5.09% | ||
| S3 | 18.80 | -5.19% |
FAQ
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