BioLineRx Ltd. Stock Forecast
BioLineRx Ltd. stock price took a fall of -5.95% on Tuesday
(Updated on Apr 23, 2024)
The BioLineRx Ltd. stock price fell by -5.95% on the last day (Tuesday, 23rd Apr 2024) from $0.677 to $0.637. During the last trading day the stock fluctuated 9.55% from a day low at $0.618 to a day high of $0.677. The price has been going up and down for this period, and there has been a -9.99% loss for the last 2 weeks. Volume has increased on the last day by 246 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 422 thousand shares were bought and sold for approximately $268.95 thousand.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.586 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -31.22% during the next 3 months and, with a 90% probability hold a price between $0.403 and $0.82 at the end of this 3-month period.
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BLRX Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 2.48%. Further rise is indicated until a new top pivot has been found. 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 BioLineRx Ltd. 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 $0.644 and $0.96. A break-up above any of these levels will issue buy signals. BioLineRx Ltd. 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 BioLineRx Ltd. stock
BioLineRx Ltd. finds support from accumulated volume at $0.621 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 $0.0590 between high and low, or 9.55%. For the last week, the stock has had daily average volatility of 7.82%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BLRX) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect BioLineRx Ltd. to open at $0.644, and during the day (based on 14 day Average True Range), to move between $0.560 and $0.713, which gives a possible trading interval of +/-$0.0765 (+/-12.01%) up or down from last closing price. If BioLineRx Ltd. takes out the full calculated possible swing range there will be an estimated 24.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.621 (2.42%) than the resistance at $0.700 (9.92%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is BioLineRx Ltd. stock A Buy?
BioLineRx Ltd. 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: -5.198 Strong Sell Candidate Downgraded
Predicted Opening Price for BioLineRx Ltd. of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $0.644 ( 1.12%) | $0.637 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BLRX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.703 | 10.39 % | |
| R2 | 0.680 | 6.85 % | ||
| R1 | 0.666 | 4.66 % | ||
| Current price: | 0.637 | |||
| Support | S1 | 0.621 | -2.42 % | |
| S2 | 0.607 | -4.61 % | ||
| S3 | 0.585 | -8.14 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.736 | 15.53 % | |
| R2 | 0.708 | 11.10 % | ||
| R1 | 0.700 | 9.92 % | ||
| Current price | 0.637 | |||
| Support | S1 | 0.621 | -2.42% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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