Durect Corporation Stock Forecast
Green day on Tuesday for Durect Corporation stock after gaining 4.77%
(Updated on Apr 23, 2024)
The Durect Corporation stock price gained 4.77% on the last trading day (Tuesday, 23rd Apr 2024), rising from $0.81 to $0.84. During the last trading day the stock fluctuated 6.25% from a day low at $0.80 to a day high of $0.85. The price has fallen in 6 of the last 10 days and is down by -0.19% for this period. Volume fell on the last day by -28 thousand shares and in total, 29 thousand shares were bought and sold for approximately $24.83 thousand. 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 stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.785 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 13.44% during the next 3 months and, with a 90% probability hold a price between $0.89 and $1.64 at the end of this 3-month period.
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DRRX Signals & Forecast
There are few to no technical positive signals at the moment. The Durect Corporation 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 $1.04. On a fall, the stock will find some support from the short-term average at $0.84. 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 Thursday, March 14, 2024, and so far it has fallen -38.44%. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Durect Corporation stock
Durect Corporation finds support from accumulated volume at $0.81 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 periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0501 between high and low, or 6.25%. For the last week the stock has had daily average volatility of 11.30%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DRRX) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Durect Corporation to open at $0.83, and during the day (based on 14 day Average True Range), to move between $0.749 and $0.94, which gives a possible trading interval of +/-$0.0942 (+/-11.16%) up or down from last closing price. If Durect Corporation takes out the full calculated possible swing range there will be an estimated 22.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.85 (0.78%) than the support at $0.81 (3.39%), 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 Durect Corporation stock A Buy?
The Durect Corporation stock holds several negative signals and despite the positive trend, we believe Durect Corporation will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -4.047 Sell Candidate Unchanged
Predicted Opening Price for Durect Corporation of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $0.83 ( 1.36%) | $0.84 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DRRX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.88 | 4.58 % | |
| R2 | 0.86 | 2.31 % | ||
| R1 | 0.85 | 0.91 % | ||
| Current price: | 0.84 | |||
| Support | S1 | 0.81 | -3.63 % | |
| S2 | 0.80 | -5.03 % | ||
| S3 | 0.782 | -7.30 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.02 | 20.94 % | |
| R2 | 0.95 | 12.05 % | ||
| R1 | 0.85 | 0.783 % | ||
| Current price | 0.84 | |||
| Support | S1 | 0.81 | -3.39% | |
| S2 | 0.81 | -3.71% | ||
| S3 | 0.766 | -9.20% |
FAQ
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