Ginkgo Bioworks Stock Forecast
Big movements in Ginkgo Bioworks stock price on Tuesday moving 11.71% between high and low
(Updated on Apr 23, 2024)
The Ginkgo Bioworks stock price gained 3.29% on the last trading day (Tuesday, 23rd Apr 2024), rising from $0.84 to $0.87. During the last trading day the stock fluctuated 11.71% from a day low at $0.84 to a day high of $0.93. The price has fallen in 8 of the last 10 days and is down by -24.96% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 million more shares were traded than the day before. In total, 55 million shares were bought and sold for approximately $48.13 million.
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 $0.84 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -27.56% during the next 3 months and, with a 90% probability hold a price between $0.605 and $0.88 at the end of this 3-month period.
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DNA Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 3.29%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Ginkgo Bioworks 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 $0.89 and $1.07. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Ginkgo Bioworks stock
Ginkgo Bioworks finds support from accumulated volume at $0.86 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 $0.0978 between high and low, or 11.71%. For the last week, the stock has had daily average volatility of 10.62%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DNA) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Ginkgo Bioworks Holdings, Inc. to open at $0.88, and during the day (based on 14 day Average True Range), to move between $0.786 and $0.96, which gives a possible trading interval of +/-$0.0849 (+/-9.76%) up or down from last closing price. If Ginkgo Bioworks Holdings, Inc. takes out the full calculated possible swing range there will be an estimated 19.52% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.87 (0.13%) than the support at $0.86 (0.64%), 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 Ginkgo Bioworks Holdings, Inc. stock A Buy?
Ginkgo Bioworks 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -3.441 Sell Candidate Upgraded
Predicted Opening Price for Ginkgo Bioworks Holdings, Inc. of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $0.88 ( 1.03%) | $0.87 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DNA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.98 | 12.26 % | |
| R2 | 0.94 | 7.97 % | ||
| R1 | 0.92 | 5.32 % | ||
| Current price: | 0.87 | |||
| Support | S1 | 0.84 | -3.27 % | |
| S2 | 0.82 | -5.92 % | ||
| S3 | 0.782 | -10.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.05 | 20.62 % | |
| R2 | 0.95 | 9.13 % | ||
| R1 | 0.87 | 0.126 % | ||
| Current price | 0.87 | |||
| Support | S1 | 0.86 | -0.643% | |
| S2 | 0.84 | -3.18% | ||
| S3 | 0 | . |
FAQ
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