Blueprint Medicines Corporation Stock Forecast
Blueprint Medicines Corporation stock upgraded to Buy Candidate.
(Updated on Apr 22, 2024)
The Blueprint Medicines Corporation stock price gained 4.33% on the last trading day (Monday, 22nd Apr 2024), rising from $86.85 to $90.61. During the last trading day the stock fluctuated 7.10% from a day low at $86.52 to a day high of $92.66. The price has risen in 6 of the last 10 days but is still down by -1.02% for this period. Volume fell on the last day by -74 thousand shares and in total, 712 thousand shares were bought and sold for approximately $64.54 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 12.25% during the next 3 months and, with a 90% probability hold a price between $92.07 and $120.05 at the end of this 3-month period.
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BPMC Signals & Forecast
A sell signal was issued from a pivot top point on Tuesday, February 27, 2024, and so far it has fallen -9.20%. 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). Some positive signals were issued as well, and these may have some influence on the near short-term development. The Blueprint Medicines Corporation 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 $87.61 and $90.09. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Blueprint Medicines Corporation stock
Blueprint Medicines Corporation finds support from accumulated volume at $87.97 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $6.15 between high and low, or 7.10%. For the last week, the stock has had daily average volatility of 5.40%.
Our recommended stop-loss: $85.59 (-5.54%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 38 days ago.)
Trading Expectations (BPMC) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Blueprint Medicines Corporation to open at $89.93, and during the day (based on 14 day Average True Range), to move between $86.31 and $94.91, which gives a possible trading interval of +/-$4.30 (+/-4.75%) up or down from last closing price. If Blueprint Medicines Corporation takes out the full calculated possible swing range there will be an estimated 9.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $92.04 (1.58%) than the support at $87.97 (2.91%), 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 Blueprint Medicines Corporation stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.423 Buy Candidate Upgraded
Predicted Opening Price for Blueprint Medicines Corporation of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $89.93 ( 0.752%) | $90.61 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BPMC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 96.07 | 6.03 % | |
| R2 | 93.73 | 3.44 % | ||
| R1 | 92.28 | 1.84 % | ||
| Current price: | 90.61 | |||
| Support | S1 | 87.58 | -3.34 % | |
| S2 | 86.13 | -4.94 % | ||
| S3 | 83.78 | -7.53 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 99.79 | 10.13 % | |
| R2 | 95.05 | 4.90 % | ||
| R1 | 92.04 | 1.58 % | ||
| Current price | 90.61 | |||
| Support | S1 | 87.97 | -2.91% | |
| S2 | 87.57 | -3.36% | ||
| S3 | 86.00 | -5.09% |
FAQ
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