Bright Minds Biosciences Inc. Stock Forecast
High volatility in Bright Minds Biosciences Inc. stock price on Wednesday which ended trading at $1.09
(Updated on May 15, 2024)
The Bright Minds Biosciences Inc. stock price gained 1.40% on the last trading day (Wednesday, 15th May 2024), rising from $1.07 to $1.09. During the last trading day the stock fluctuated 10.87% from a day low at $1.01 to a day high of $1.12. The price has risen in 6 of the last 10 days and is up by 4.33% 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, 8 thousand more shares were traded than the day before. In total, 24 thousand shares were bought and sold for approximately $26.28 thousand.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $1.10 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -44.19% during the next 3 months and, with a 90% probability hold a price between $0.451 and $0.611 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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DRUG Signals & Forecast
There are mixed signals in the stock today. The Bright Minds Biosciences Inc. 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 $1.09 and $1.15. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 12.44%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Bright Minds Biosciences Inc. 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.
Support, Risk & Stop-loss for Bright Minds Biosciences Inc. stock
Bright Minds Biosciences Inc. finds support from accumulated volume at $1.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.110 between high and low, or 10.87%. For the last week, the stock has had daily average volatility of 8.46%.
Our recommended stop-loss: $1.04 (-4.00%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (DRUG) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect Bright Minds Biosciences Inc. to open at $1.07, and during the day (based on 14 day Average True Range), to move between $0.99 and $1.18, which gives a possible trading interval of +/-$0.0948 (+/-8.73%) up or down from last closing price. If Bright Minds Biosciences Inc. takes out the full calculated possible swing range there will be an estimated 17.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.05 (3.60%) than the resistance at $1.17 (7.83%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Bright Minds Biosciences Inc. will release earnings BMO on Monday, May 20, 2024. We will update the financials statements for Bright Minds Biosciences Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 11.25% in the first trading day after earnings release.
Is Bright Minds Biosciences Inc. stock A Buy?
Bright Minds Biosciences Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.050 Hold/Accumulate Upgraded
Predicted Opening Price for Bright Minds Biosciences Inc. of Thursday, May 16, 2024
| Fair opening price May 16, 2024 | Current price |
|---|---|
| $1.07 ( 1.23%) | $1.09 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DRUG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.18 | 8.89 % | |
| R2 | 1.14 | 5.03 % | ||
| R1 | 1.11 | 2.64 % | ||
| Current price: | 1.09 | |||
| Support | S1 | 1.03 | -5.09 % | |
| S2 | 1.00 | -7.48 % | ||
| S3 | 0.96 | -11.35 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.30 | 19.82 % | |
| R2 | 1.23 | 13.36 % | ||
| R1 | 1.17 | 7.83 % | ||
| Current price | 1.09 | |||
| Support | S1 | 1.05 | -3.60% | |
| S2 | 1.04 | -4.15% | ||
| S3 | 0.97 | -11.06% |
FAQ
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