Ginkgo Bioworks Stock Forecast
Big movements in Ginkgo Bioworks stock price on Friday moving 12.37% between high and low
(Updated on May 03, 2024)
The Ginkgo Bioworks stock price gained 11.04% on the last trading day (Friday, 3rd May 2024), rising from $0.86 to $0.96. During the last trading day the stock fluctuated 12.37% from a day low at $0.89 to a day high of $1.00. The price has been going up and down for this period, and there has been a 10.56% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 5 million more shares were traded than the day before. In total, 54 million shares were bought and sold for approximately $52.04 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -37.11% during the next 3 months and, with a 90% probability hold a price between $0.452 and $0.644 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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DNA Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $1.00. On a fall, the stock will find some support from the short-term average at $0.88. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -3.39%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Ginkgo Bioworks stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.86 and $0.84. 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, Ginkgo Bioworks finds support just below today's level at $0.86. If this is broken, then the next support from accumulated volume will be at $0.84 and $0.778.
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 $0.110 between high and low, or 12.37%. For the last week, the stock has had daily average volatility of 16.87%.
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 Monday 6th
For the upcoming trading day on Monday, 6th we expect Ginkgo Bioworks Holdings, Inc. to open at $0.95, and during the day (based on 14 day Average True Range), to move between $0.85 and $1.06, which gives a possible trading interval of +/-$0.106 (+/-11.08%) 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 22.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.99 (3.51%) than the support at $0.86 (10.05%), 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.
Earnings coming up
Ginkgo Bioworks will release earnings AMC on Wednesday, May 08, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.0800. We will update the financials statements for Ginkgo Bioworks, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 10.23% in the first trading day after earnings release.
Is Ginkgo Bioworks Holdings, Inc. stock A Buy?
Ginkgo Bioworks holds several negative signals and we believe that 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: -2.576 Sell Candidate Upgraded
Predicted Opening Price for Ginkgo Bioworks Holdings, Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $0.95 ( 0.784%) | $0.96 |
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 | 1.06 | 10.73 % | |
| R2 | 1.02 | 6.33 % | ||
| R1 | 0.99 | 3.61 % | ||
| Current price: | 0.96 | |||
| Support | S1 | 0.91 | -5.18 % | |
| S2 | 0.88 | -7.90 % | ||
| S3 | 0.84 | -12.30 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.15 | 20.27 % | |
| R2 | 1.05 | 9.81 % | ||
| R1 | 0.99 | 3.51 % | ||
| Current price | 0.96 | |||
| Support | S1 | 0.86 | -10.05% | |
| S2 | 0.84 | -11.93% | ||
| S3 | 0.778 | -18.67% |
FAQ
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