Cannabics Pharma Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
High volatility in Cannabics Pharma stock price on Wednesday which ended trading at $0.0110
(Updated on May 01, 2024)
The Cannabics Pharma stock price fell by -25.17% on the last day (Wednesday, 1st May 2024) from $0.0147 to $0.0110. During the last trading day the stock fluctuated 43.69% from a day low at $0.0103 to a day high of $0.0148. The price has been going up and down for this period, and there has been a -10.2% loss for the last 2 weeks. Volume has increased on the last day by 514 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, 2 million shares were bought and sold for approximately $17.48 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 $0.0102 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -3.09% during the next 3 months and, with a 90% probability hold a price between $0.0099 and $0.0170 at the end of this 3-month period.
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CNBX Signals & Forecast
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 Cannabics Pharma 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 $0.0120 and $0.0132. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 30, 2024, and so far it has fallen -25.17%. Further fall is indicated until a new bottom pivot has been found. Cannabics Pharma 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 Cannabics Pharma stock
Cannabics Pharma finds support from accumulated volume at $0.0108 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 $0.0045 between high and low, or 43.69%. For the last week, the stock has had daily average volatility of 26.68%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CNBX) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Cannabics Pharma to open at $0.0120, and during the day (based on 14 day Average True Range), to move between $0.0083 and $0.0137, which gives a possible trading interval of +/-$0.0027 (+/-24.77%) up or down from last closing price. If Cannabics Pharma takes out the full calculated possible swing range there will be an estimated 49.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0112 (1.36%) than the support at $0.0108 (1.82%), 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 Cannabics Pharma stock A Buy?
Cannabics Pharma 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 Buy to a Strong Sell candidate.
Current score: -6.822 Strong Sell Candidate Downgraded
Predicted Opening Price for Cannabics Pharma of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $0.0120 ( 9.39%) | $0.0110 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNBX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0165 | 50.30 % | |
| R2 | 0.0148 | 34.68 % | ||
| R1 | 0.0138 | 25.02 % | ||
| Current price: | 0.0110 | |||
| Support | S1 | 0.0103 | -6.23 % | |
| S2 | 0.0093 | -15.89 % | ||
| S3 | 0.0075 | -31.52 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0132 | 20.00 % | |
| R2 | 0.0118 | 7.27 % | ||
| R1 | 0.0112 | 1.36 % | ||
| Current price | 0.0110 | |||
| Support | S1 | 0.0108 | -1.82% | |
| S2 | 0.0103 | -6.36% | ||
| S3 | 0.0102 | -6.91% |
FAQ
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