Durect Corporation Stock Forecast
Big movements in Durect Corporation stock price on Thursday moving 17.98% between high and low
(Updated on May 02, 2024)
The Durect Corporation stock price gained 2.38% on the last trading day (Thursday, 2nd May 2024), rising from $0.97 to $0.99. It has now gained 8 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 17.98% from a day low at $0.91 to a day high of $1.08. The price has risen in 8 of the last 10 days and is up by 8.79% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 26 thousand more shares were traded than the day before. In total, 82 thousand shares were bought and sold for approximately $81.38 thousand.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Durect Corporation stock with a 90% probability to be traded between $0.736 and $1.40 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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DRRX Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Durect Corporation has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $1.03. On a fall, the stock will find some support from the short-term average at $0.94. 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 -27.74%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Durect Corporation stock
Durect Corporation finds support from accumulated volume at $0.98 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 $0.164 between high and low, or 17.98%. For the last week, the stock has had daily average volatility of 10.57%.
Since the Durect Corporation has been rising for 8 days in a row, the risk over the next couple of days has increased.
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 Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Durect Corporation to open at $0.99, and during the day (based on 14 day Average True Range), to move between $0.90 and $1.08, which gives a possible trading interval of +/-$0.0939 (+/-9.49%) up or down from last closing price. If Durect Corporation takes out the full calculated possible swing range there will be an estimated 18.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.98 (1.01%) than the resistance at $1.02 (3.03%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Durect Corporation stock A Buy?
Durect Corporation 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.
Current score: -2.202 Sell Candidate Unchanged
Predicted Opening Price for Durect Corporation of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $0.99 ( 0.209%) | $0.99 |
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 | 1.16 | 16.75 % | |
| R2 | 1.09 | 10.43 % | ||
| R1 | 1.05 | 6.53 % | ||
| Current price: | 0.99 | |||
| Support | S1 | 0.93 | -6.11 % | |
| S2 | 0.89 | -10.02 % | ||
| S3 | 0.83 | -16.34 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.15 | 16.16 % | |
| R2 | 1.06 | 7.07 % | ||
| R1 | 1.02 | 3.03 % | ||
| Current price | 0.99 | |||
| Support | S1 | 0.98 | -1.01% | |
| S2 | 0.95 | -4.55% | ||
| S3 | 0.85 | -14.14% |
FAQ
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