Connect Biopharma Holdings Ltd American Stock Forecast

Red day on Friday for Connect Biopharma Holdings Ltd American
(Updated on Apr 26, 2024)

CNTB Signals & Forecast

There are few to no technical positive signals at the moment. The Connect Biopharma Holdings Ltd American 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 $1.41 and $1.54. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 01, 2024, and so far it has fallen -39.09%. 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). Connect Biopharma Holdings Ltd American 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 Connect Biopharma Holdings Ltd American stock

Connect Biopharma Holdings Ltd American finds support from accumulated volume at $1.33 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 $0.1000 between high and low, or 7.69%. For the last week, the stock has had daily average volatility of 10.43%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (CNTB) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect Connect Biopharma Holdings Limited American Depositary Shares to open at $1.35, and during the day (based on 14 day Average True Range), to move between $1.13 and $1.55, which gives a possible trading interval of +/-$0.208 (+/-15.51%) up or down from last closing price. If Connect Biopharma Holdings Limited American Depositary Shares takes out the full calculated possible swing range there will be an estimated 31.02% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $1.33 (0.75%) than the resistance at $1.36 (1.49%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Connect Biopharma Holdings Limited American Depositary Shares stock A Buy?

The Connect Biopharma Holdings Ltd American stock holds several negative signals and despite the positive trend, we believe Connect Biopharma Holdings Ltd American will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Current score: -1.044 Sell Candidate Unchanged

Predicted Opening Price for Connect Biopharma Holdings Limited American Depositary Shares of Monday, April 29, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.