Durect Corporation Stock Forecast
Durect Corporation stock price fell more than -7.60% Monday closing at $0.81
(Updated on Apr 22, 2024)
The Durect Corporation stock price fell by -7.60% on the last day (Monday, 22nd Apr 2024) from $0.87 to $0.81. During the last trading day the stock fluctuated 7.56% from a day low at $0.80 to a day high of $0.86. The price has fallen in 7 of the last 10 days and is down by -10.61% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -57 thousand shares and in total, 58 thousand shares were bought and sold for approximately $46.48 thousand.
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 $0.786 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 16.33% during the next 3 months and, with a 90% probability hold a price between $0.91 and $1.69 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 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 $0.83 and $1.05. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 14, 2024, and so far it has fallen -41.24%. 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 along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. 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 $0.766 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 $0.0605 between high and low, or 7.56%. For the last week the stock has had daily average volatility of 11.26%.
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 Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Durect Corporation to open at $0.82, and during the day (based on 14 day Average True Range), to move between $0.707 and $0.90, which gives a possible trading interval of +/-$0.0976 (+/-12.12%) up or down from last closing price. If Durect Corporation takes out the full calculated possible swing range there will be an estimated 24.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.81 (1.22%) than the support at $0.766 (4.87%), 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: -3.782 Sell Candidate Unchanged
Predicted Opening Price for Durect Corporation of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $0.82 ( 2.10%) | $0.81 |
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 | 9.61 % | |
| R2 | 0.86 | 6.74 % | ||
| R1 | 0.85 | 4.97 % | ||
| Current price: | 0.81 | |||
| Support | S1 | 0.799 | -0.772 % | |
| S2 | 0.785 | -2.55 % | ||
| S3 | 0.761 | -5.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.95 | 17.39 % | |
| R2 | 0.85 | 5.59 % | ||
| R1 | 0.81 | 1.22 % | ||
| Current price | 0.81 | |||
| Support | S1 | 0.766 | -4.87% | |
| S2 | 0.745 | -7.45% | ||
| S3 | 0.706 | -12.30% |
FAQ
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