Check-Cap Ltd. Stock Forecast
Evaluation of Check-Cap Ltd. stock downgraded after the last trading session.
(Updated on Apr 24, 2024)
The Check-Cap Ltd. stock price fell by -3.06% on the last day (Wednesday, 24th Apr 2024) from $2.29 to $2.22. During the last trading day the stock fluctuated 2.71% from a day low at $2.21 to a day high of $2.27. The price has fallen in 5 of the last 10 days and is down by -10.12% for this period. Volume has increased on the last day by 10 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, 25 thousand shares were bought and sold for approximately $55.54 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1.98 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 10.23% during the next 3 months and, with a 90% probability hold a price between $2.18 and $3.52 at the end of this 3-month period.
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CHEK Signals & Forecast
There are few to no technical positive signals at the moment. The Check-Cap 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 $2.24 and $2.26. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 28, 2024, and so far it has fallen -28.62%. 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). Check-Cap 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". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Check-Cap Ltd. stock
Check-Cap Ltd. finds support from accumulated volume at $2.18 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0600 between high and low, or 2.71%. For the last week, the stock has had daily average volatility of 5.25%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CHEK) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Check-Cap Ltd. to open at $2.23, and during the day (based on 14 day Average True Range), to move between $2.04 and $2.40, which gives a possible trading interval of +/-$0.181 (+/-8.13%) up or down from last closing price. If Check-Cap Ltd. takes out the full calculated possible swing range there will be an estimated 16.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.26 (1.80%) than the support at $2.18 (1.80%), 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 Check-Cap Ltd. stock A Buy?
The Check-Cap Ltd. stock holds several negative signals and despite the positive trend, we believe Check-Cap Ltd. will perform weakly in the next couple of days or weeks. Therefore, we 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: -3.213 Sell Candidate Downgraded
Predicted Opening Price for Check-Cap Ltd. of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $2.23 ( 0.601%) | $2.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHEK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.29 | 3.30 % | |
| R2 | 2.27 | 2.27 % | ||
| R1 | 2.26 | 1.63 % | ||
| Current price: | 2.22 | |||
| Support | S1 | 2.21 | -0.432 % | |
| S2 | 2.20 | -1.07 % | ||
| S3 | 2.17 | -2.10 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.75 | 23.87 % | |
| R2 | 2.47 | 11.26 % | ||
| R1 | 2.26 | 1.80 % | ||
| Current price | 2.22 | |||
| Support | S1 | 2.18 | -1.80% | |
| S2 | 2.14 | -3.60% | ||
| S3 | 1.93 | -13.06% |
FAQ
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