Edesa Biotech, Inc. Stock Forecast
Edesa Biotech, Inc. stock downgraded to Sell Candidate
(Updated on Apr 17, 2024)
The Edesa Biotech, Inc. stock price gained 1.25% on the last trading day (Wednesday, 17th Apr 2024), rising from $4.35 to $4.40. During the last trading day the stock fluctuated 0.92% from a day low at $4.36 to a day high of $4.40. The price has fallen in 6 of the last 10 days but is still up by 0.92% over the past 2 weeks. Volume fell on the last day by -5 thousand shares and in total, 557 shares were bought and sold for approximately $2.45 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 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 -8.32% during the next 3 months and, with a 90% probability hold a price between $3.62 and $4.89 at the end of this 3-month period.
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EDSA Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, March 21, 2024, and so far it has risen 7.58%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Edesa Biotech, Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $4.44 and $4.43. A break-up above any of these levels will issue buy signals. 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 Edesa Biotech, Inc. stock
Edesa Biotech, Inc. finds support from accumulated volume at $4.36 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0400 between high and low, or 0.92%. For the last week the stock has had daily average volatility of 4.40%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (EDSA) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Edesa Biotech, Inc. to open at $4.39, and during the day (based on 14 day Average True Range), to move between $4.08 and $4.72, which gives a possible trading interval of +/-$0.319 (+/-7.25%) up or down from last closing price. If Edesa Biotech, Inc. takes out the full calculated possible swing range there will be an estimated 14.51% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.36 (0.91%) than the resistance at $4.62 (4.95%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Edesa Biotech, Inc. stock A Buy?
Edesa Biotech, Inc. holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.079 Sell Candidate Downgraded
Predicted Opening Price for Edesa Biotech, Inc. of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $4.39 ( 0.303%) | $4.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EDSA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.43 | 0.606 % | |
| R2 | 4.41 | 0.259 % | ||
| R1 | 4.40 | 0.0442 % | ||
| Current price: | 4.40 | |||
| Support | S1 | 4.37 | -0.650 % | |
| S2 | 4.36 | -0.86 % | ||
| S3 | 4.35 | -1.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.12 | 16.36 % | |
| R2 | 5.00 | 13.64 % | ||
| R1 | 4.62 | 4.95 % | ||
| Current price | 4.40 | |||
| Support | S1 | 4.36 | -0.91% | |
| S2 | 4.18 | -5.04% | ||
| S3 | 4.09 | -7.05% |
FAQ
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