Butterfly Network, Inc. Stock Forecast

Butterfly Network, Inc. stock downgraded to Strong Sell Candidate
(Updated on Apr 24, 2024)

BFLY Signals & Forecast

There are few to no technical positive signals at the moment. The Butterfly Network, 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 $0.782 and $1.00. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, February 27, 2024, and so far it has fallen -52.87%. 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). Butterfly Network, Inc. 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 Butterfly Network, Inc. stock

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0663 between high and low, or 9.47%. For the last week, the stock has had daily average volatility of 9.36%.

Butterfly Network, Inc. is oversold on RSI14 (21). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (BFLY) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect Butterfly Network, Inc. to open at $0.724, and during the day (based on 14 day Average True Range), to move between $0.631 and $0.783, which gives a possible trading interval of +/-$0.0763 (+/-10.80%) up or down from last closing price. If Butterfly Network, Inc. takes out the full calculated possible swing range there will be an estimated 21.59% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ $0.721, some $0.0139 (1.97%) from the current price of $0.707, our system finds the risk reward not very attractive.

Is Butterfly Network, Inc. stock A Buy?

Butterfly Network, 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 Sell to a Strong Sell candidate.

Current score: -5.988 Strong Sell Candidate Downgraded

Predicted Opening Price for Butterfly Network, Inc. of Thursday, April 25, 2024

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