Castle Biosciences, Inc. Stock Forecast
Castle Biosciences, Inc. stock upgraded to Hold/Accumulate.
(Updated on Apr 26, 2024)
The Castle Biosciences, Inc. stock price gained 4.25% on the last trading day (Friday, 26th Apr 2024), rising from $19.51 to $20.34. During the last trading day the stock fluctuated 7.42% from a day low at $19.34 to a day high of $20.77. The price has been going up and down for this period, and there has been a 1.4% gain for the last 2 weeks. Volume fell on the last day by -71 thousand shares and in total, 107 thousand shares were bought and sold for approximately $2.18 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $19.26, a level that may pose a second chance to hit a runner. According to fan-theory $23.76 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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CSTL Signals & Forecast
The Castle Biosciences, Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $19.70 and $20.32. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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 Tuesday, March 05, 2024, and so far it has fallen -8.83%. 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 Castle Biosciences, Inc. stock
Castle Biosciences, Inc. finds support from accumulated volume at $20.06 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $1.44 between high and low, or 7.42%. For the last week, the stock has had daily average volatility of 4.64%.
Our recommended stop-loss: $19.21 (-5.58%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 37 days ago.)
Trading Expectations (CSTL) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Castle Biosciences, Inc. to open at $20.15, and during the day (based on 14 day Average True Range), to move between $19.42 and $21.26, which gives a possible trading interval of +/-$0.92 (+/-4.50%) up or down from last closing price. If Castle Biosciences, Inc. takes out the full calculated possible swing range there will be an estimated 9.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $20.06 (1.38%) than the resistance at $21.23 (4.38%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Castle Biosciences, Inc. will release earnings AMC on Thursday, May 02, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.370. We will update the financials statements for Castle Biosciences, Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.06% in the first trading day after earnings release.
Is Castle Biosciences, Inc. stock A Buy?
Castle Biosciences, Inc. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.879 Hold/Accumulate Upgraded
Predicted Opening Price for Castle Biosciences, Inc. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $20.15 ( 0.94%) | $20.34 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CSTL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.58 | 6.11 % | |
| R2 | 21.04 | 3.42 % | ||
| R1 | 20.70 | 1.75 % | ||
| Current price: | 20.34 | |||
| Support | S1 | 19.60 | -3.64 % | |
| S2 | 19.26 | -5.30 % | ||
| S3 | 18.71 | -8.00 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 25.09 | 23.35 % | |
| R2 | 22.31 | 9.69 % | ||
| R1 | 21.23 | 4.38 % | ||
| Current price | 20.34 | |||
| Support | S1 | 20.06 | -1.38% | |
| S2 | 19.94 | -1.97% | ||
| S3 | 18.06 | -11.21% |
FAQ
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