Butterfly Network, Inc. Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
High volatility in Butterfly Network, Inc. stock price on Friday which ended trading at $0.94
(Updated on May 03, 2024)
The Butterfly Network, Inc. stock price gained 2.28% on the last trading day (Friday, 3rd May 2024), rising from $0.92 to $0.94. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 15.37% from a day low at $0.91 to a day high of $1.05. The price has risen in 6 of the last 10 days and is up by 23.37% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 559 thousand more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately $4.66 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 -19.26% during the next 3 months and, with a 90% probability hold a price between $0.463 and $1.03 at the end of this 3-month period.
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BFLY Signals & Forecast
The Butterfly Network, 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 $0.82 and $0.93. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. 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 Tuesday, February 27, 2024, and so far it has fallen -37.11%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Butterfly Network, Inc. stock
Butterfly Network, Inc. finds support from accumulated volume at $0.92 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 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 $0.140 between high and low, or 15.37%. For the last week, the stock has had daily average volatility of 10.60%.
Our recommended stop-loss: $0.89 (-5.98%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 47 days ago.)
Trading Expectations (BFLY) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Butterfly Network, Inc. to open at $0.97, and during the day (based on 14 day Average True Range), to move between $0.86 and $1.03, which gives a possible trading interval of +/-$0.0852 (+/-9.04%) up or down from last closing price. If Butterfly Network, Inc. takes out the full calculated possible swing range there will be an estimated 18.07% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.92 (2.23%) than the resistance at $1.01 (7.07%), 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 positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.767 Hold/Accumulate Unchanged
Predicted Opening Price for Butterfly Network, Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.97 ( 2.60%) | $0.94 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BFLY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.11 | 17.43 % | |
| R2 | 1.05 | 11.76 % | ||
| R1 | 1.02 | 8.26 % | ||
| Current price: | 0.94 | |||
| Support | S1 | 0.91 | -3.07 % | |
| S2 | 0.88 | -6.57 % | ||
| S3 | 0.83 | -12.23 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.04 | 10.25 % | |
| R2 | 1.02 | 8.13 % | ||
| R1 | 1.01 | 7.07 % | ||
| Current price | 0.94 | |||
| Support | S1 | 0.92 | -2.23% | |
| S2 | 0.765 | -18.94% | ||
| S3 | 0.721 | -23.58% |
FAQ
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