Cogent Biosciences, Inc. Stock Forecast
High volatility in Cogent Biosciences, Inc. stock price on Tuesday which ended trading at $8.24
(Updated on Jul 02, 2024)
The Cogent Biosciences, Inc. stock price fell by -7.83% on the last day (Tuesday, 2nd Jul 2024) from $8.94 to $8.24. During the last trading day the stock fluctuated 12.02% from a day low at $8.07 to a day high of $9.04. The price has fallen in 6 of the last 10 days and is down by -6.36% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -98 thousand shares and in total, 817 thousand shares were bought and sold for approximately $6.73 million.
The stock lies in the middle of a 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 36.76% during the next 3 months and, with a 90% probability hold a price between $10.79 and $13.10 at the end of this 3-month period.
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COGT Signals & Forecast
There are few to no technical positive signals at the moment. The Cogent Biosciences, Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $8.48 and $8.25. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, June 12, 2024, and so far it has fallen -8.85%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Cogent Biosciences, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $7.29 and $6.71. 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, Cogent Biosciences, Inc. finds support just below today's level at $7.29. If this is broken, then the next support from accumulated volume will be at $6.71 and $6.50.
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 $0.97 between high and low, or 12.02%. For the last week, the stock has had daily average volatility of 8.76%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (COGT) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Cogent Biosciences, Inc. to open at $8.45, and during the day (based on 14 day Average True Range), to move between $7.59 and $8.89, which gives a possible trading interval of +/-$0.653 (+/-7.92%) up or down from last closing price. If Cogent Biosciences, Inc. takes out the full calculated possible swing range there will be an estimated 15.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.43 (2.31%) than the support at $7.29 (11.53%), 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 Cogent Biosciences, Inc. stock A Buy?
The Cogent Biosciences, Inc. stock holds several negative signals and despite the positive trend, we believe Cogent Biosciences, Inc. 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 Buy to a Strong Sell candidate.
Current score: -5.170 Strong Sell Candidate Downgraded
Predicted Opening Price for Cogent Biosciences, Inc. of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $8.45 ( 2.55%) | $8.24 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for COGT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 9.42 | 14.32% |
| R2 | 9.05 | 9.82% |
| R1 | 8.82 | 7.05% |
| Price | 8.24 | |
| S1 | 8.08 | -1.95% |
| S2 | 7.85 | -4.73% |
| S3 | 7.48 | -9.22% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.80 | 6.80% |
| R2 | 8.79 | 6.67% |
| R1 | 8.43 | 2.31% |
| Price | 8.24 | |
| S1 | 7.29 | -11.53% |
| S2 | 6.71 | -18.57% |
| S3 | 6.50 | -21.12% |
FAQ
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