CannaPharmaRX Inc Stock Forecast
Volatile ride for CannaPharmaRX Inc stock price on Friday moving between $0.0120 and $0.0155
(Updated on Jun 14, 2024)
The CannaPharmaRX Inc stock price gained 55.00% on the last trading day (Friday, 14th Jun 2024), rising from $0.0100 to $0.0155. During the last trading day the stock fluctuated 29.17% from a day low at $0.0120 to a day high of $0.0155. The price has fallen in 5 of the last 10 days but is still up by 12.32% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 13 thousand more shares were traded than the day before. In total, 173 thousand shares were bought and sold for approximately $2.68 thousand.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.0168 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -18.77% during the next 3 months and, with a 90% probability hold a price between $0.0070 and $0.0136 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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CPMD Signals & Forecast
The CannaPharmaRX 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 $0.0129 and $0.0116. A breakdown below any of these levels will issue sell signals. CannaPharmaRX Inc has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. 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 Wednesday, May 29, 2024, and so far it has fallen -11.43%. 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).
Support, Risk & Stop-loss for CannaPharmaRX Inc stock
CannaPharmaRX Inc finds support from accumulated volume at $0.0152 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 $0.0035 between high and low, or 29.17%. For the last week, the stock has had daily average volatility of 28.22%.
Our recommended stop-loss: $0.0146 (-5.94%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 69 days ago.)
Trading Expectations (CPMD) For The Upcoming Trading Day Of Monday 17th
For the upcoming trading day on Monday, 17th we expect CannaPharmaRX Inc to open at $0.0143, and during the day (based on 14 day Average True Range), to move between $0.0123 and $0.0187, which gives a possible trading interval of +/-$0.0032 (+/-20.49%) up or down from last closing price. If CannaPharmaRX Inc takes out the full calculated possible swing range there will be an estimated 40.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0152 (1.94%) than the resistance at $0.0170 (9.68%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is CannaPharmaRX 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Buy candidate.
Current score: 2.820 Buy Candidate Upgraded
Predicted Opening Price for CannaPharmaRX Inc of Monday, June 17, 2024
| Fair opening price June 17, 2024 | Current price |
|---|---|
| $0.0143 ( 7.53%) | $0.0155 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CPMD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0178 | 15.05% |
| R2 | 0.0165 | 6.43% |
| R1 | 0.0157 | 1.10% |
| Price | 0.0155 | |
| S1 | 0.0130 | -16.15% |
| S2 | 0.0122 | -21.48% |
| S3 | 0.0108 | -30.11% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0189 | 21.94% |
| R2 | 0.0172 | 10.65% |
| R1 | 0.0170 | 9.68% |
| Price | 0.0155 | |
| S1 | 0.0152 | -1.94% |
| S2 | 0.0140 | -9.68% |
| S3 | 0.0120 | -22.58% |
FAQ
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