Butterfly Network, Inc. Stock Forecast
High volatility in Butterfly Network, Inc. stock price on Friday which ended trading at $0.0231
(Updated on Jun 21, 2024)
The Butterfly Network, Inc. stock price fell by -12.17% on the last day (Friday, 21st Jun 2024) from $0.0263 to $0.0231. During the last trading day the stock fluctuated 24.86% from a day low at $0.0185 to a day high of $0.0231. The price has fallen in 7 of the last 10 days but is still up by 2.21% over the past 2 weeks. 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 -8 thousand shares and in total, 12 thousand shares were bought and sold for approximately $286.51 .
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 -47.43% during the next 3 months and, with a 90% probability hold a price between $0.0091 and $0.0152 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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BFLY-WT 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 Butterfly Network, Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.0274. On a fall, the stock will find some support from the short-term average at $0.0210. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Thursday, June 20, 2024, and so far it has fallen -12.17%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Butterfly Network, Inc. stock
Butterfly Network, Inc. finds support from accumulated volume at $0.0230 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 very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0046 between high and low, or 24.86%. For the last week the stock has had daily average volatility of 33.00%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BFLY-WT) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Butterfly Network, Inc. to open at $0.0216, and during the day (based on 14 day Average True Range), to move between $0.0161 and $0.0301, which gives a possible trading interval of +/-$0.0070 (+/-30.34%) up or down from last closing price. If Butterfly Network, Inc. takes out the full calculated possible swing range there will be an estimated 60.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0230 (0.43%) than the resistance at $0.0251 (8.66%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Butterfly Network, Inc. stock A Buy?
Butterfly Network, Inc. holds several negative signals and we believe that 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: -4.659 Sell Candidate Downgraded
Predicted Opening Price for Butterfly Network, Inc. of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $0.0216 ( 6.64%) | $0.0231 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BFLY-WT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0262 | 13.28% |
| R2 | 0.0244 | 5.67% |
| R1 | 0.0233 | 0.97% |
| Price | 0.0231 | |
| S1 | 0.0198 | -14.24% |
| S2 | 0.0187 | -18.94% |
| S3 | 0.0170 | -26.55% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0274 | 18.61% |
| R2 | 0.0263 | 13.85% |
| R1 | 0.0251 | 8.66% |
| Price | 0.0231 | |
| S1 | 0.0230 | -0.433% |
| S2 | 0.0204 | -11.69% |
| S3 | 0.0185 | -19.91% |
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