Biofrontera Inc. Stock Forecast
Green day on Friday for Biofrontera Inc.
(Updated on Apr 19, 2024)
The Biofrontera Inc. stock price gained 1.20% on the last trading day (Friday, 19th Apr 2024), rising from $1.67 to $1.69. During the last trading day the stock fluctuated 6.95% from a day low at $1.67 to a day high of $1.79. The price has risen in 6 of the last 10 days but is still down by -6.63% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 25 thousand more shares were traded than the day before. In total, 66 thousand shares were bought and sold for approximately $111.93 thousand.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 51.32% during the next 3 months and, with a 90% probability hold a price between $1.96 and $3.74 at the end of this 3-month period.
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BFRI Signals & Forecast
The Biofrontera Inc. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $1.80. On a fall, the stock will find some support from the long-term average at approximately $1.51. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 3.05%. Further rise is indicated until a new top pivot has been found. Biofrontera Inc. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Biofrontera Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.55 and $1.54. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Biofrontera Inc. finds support just below today's level at $1.55. If this is broken, then the next support from accumulated volume will be at $1.54 and $1.31.
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 $0.116 between high and low, or 6.95%. For the last week, the stock has had daily average volatility of 13.45%.
Our recommended stop-loss: $1.60 (-5.12%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (BFRI) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Biofrontera Inc. to open at $1.72, and during the day (based on 14 day Average True Range), to move between $1.43 and $1.95, which gives a possible trading interval of +/-$0.260 (+/-15.37%) up or down from last closing price. If Biofrontera Inc. takes out the full calculated possible swing range there will be an estimated 30.74% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.74 (2.96%) than the support at $1.55 (8.28%), 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 Biofrontera Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Biofrontera Inc. stock to perform well in the short-term.
Current score: 4.015 Buy Candidate Unchanged
Predicted Opening Price for Biofrontera Inc. of Monday, April 22, 2024
Fair opening price April 22, 2024 | Current price |
---|---|
$1.72 ( 1.50%) | $1.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BFRI
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.83 | 8.37 % | |
R2 | 1.79 | 5.75 % | ||
R1 | 1.76 | 4.13 % | ||
Current price: | 1.69 | |||
Support | S1 | 1.67 | -1.12 % | |
S2 | 1.64 | -2.74 % | ||
S3 | 1.60 | -5.37 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.92 | 13.61 % | |
R2 | 1.75 | 3.55 % | ||
R1 | 1.74 | 2.96 % | ||
Current price | 1.69 | |||
Support | S1 | 1.55 | -8.28% | |
S2 | 1.54 | -8.88% | ||
S3 | 1.31 | -22.49% |
FAQ
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