Clearmind Medicine Inc. Stock Forecast
A very red day for Clearmind Medicine Inc. stock price after a -6.67% fall in the Friday trading session
(Updated on May 10, 2024)
The Clearmind Medicine Inc. stock price fell by -6.67% on the last day (Friday, 10th May 2024) from $1.50 to $1.40. During the last trading day the stock fluctuated 8.15% from a day low at $1.35 to a day high of $1.46. The price has fallen in 6 of the last 10 days but is still up by 20.69% over the past 2 weeks. Volume has increased on the last day by 27 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, 430 thousand shares were bought and sold for approximately $602.70 thousand.
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 -19.33% during the next 3 months and, with a 90% probability hold a price between $0.735 and $1.25 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CMND Signals & Forecast
The Clearmind Medicine Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $1.34 and $1.22. 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). 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 Thursday, May 09, 2024, and so far it has fallen -6.67%. Further fall is indicated until a new bottom pivot has been found. Clearmind Medicine Inc. 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 Clearmind Medicine Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.29 and $1.27. 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, Clearmind Medicine Inc. finds support just below today's level at $1.29. If this is broken, then the next support from accumulated volume will be at $1.27 and $1.19.
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 $0.110 between high and low, or 8.15%. For the last week, the stock has had daily average volatility of 14.06%.
Our recommended stop-loss: $1.33 (-4.66%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (CMND) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Clearmind Medicine Inc. to open at $1.40, and during the day (based on 14 day Average True Range), to move between $1.27 and $1.53, which gives a possible trading interval of +/-$0.131 (+/-9.34%) up or down from last closing price. If Clearmind Medicine Inc. takes out the full calculated possible swing range there will be an estimated 18.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.47 (5.00%) than the support at $1.29 (7.86%), 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 Clearmind Medicine Inc. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 2.274 Buy Candidate Downgraded
Predicted Opening Price for Clearmind Medicine Inc. of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $1.40 ( 0.238%) | $1.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CMND
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.51 | 8.10 % | |
| R2 | 1.47 | 5.09 % | ||
| R1 | 1.45 | 3.24 % | ||
| Current price: | 1.40 | |||
| Support | S1 | 1.36 | -2.76 % | |
| S2 | 1.34 | -4.62 % | ||
| S3 | 1.29 | -7.62 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.54 | 10.00 % | |
| R2 | 1.48 | 5.71 % | ||
| R1 | 1.47 | 5.00 % | ||
| Current price | 1.40 | |||
| Support | S1 | 1.29 | -7.86% | |
| S2 | 1.27 | -9.29% | ||
| S3 | 1.19 | -15.00% |
FAQ
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