Edesa Biotech, Inc. Stock Forecast
Weaker technical forecast for Edesa Biotech, Inc. as stock downgraded to Hold/Accumulate.
(Updated on May 01, 2024)
The Edesa Biotech, Inc. stock price gained 0.212% on the last trading day (Wednesday, 1st May 2024), rising from $4.44 to $4.45. During the last trading day the stock fluctuated 1.42% from a day low at $4.39 to a day high of $4.45. The price has been going up and down for this period, and there has been a 1.19% gain for the last 2 weeks. Volume fell on the last day by -2 thousand shares and in total, 588 shares were bought and sold for approximately $2.62 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 -13.85% during the next 3 months and, with a 90% probability hold a price between $3.21 and $4.29 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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EDSA Signals & Forecast
The Edesa Biotech, Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $4.42 and $4.38. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 21, 2024, and so far it has risen 8.86%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 Edesa Biotech, Inc. stock
Edesa Biotech, Inc. finds support from accumulated volume at $4.41 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 $0.0623 between high and low, or 1.42%. For the last week the stock has had daily average volatility of 5.26%.
Our recommended stop-loss: $4.27 (-4.10%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (EDSA) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Edesa Biotech, Inc. to open at $4.43, and during the day (based on 14 day Average True Range), to move between $4.17 and $4.73, which gives a possible trading interval of +/-$0.278 (+/-6.23%) up or down from last closing price. If Edesa Biotech, Inc. takes out the full calculated possible swing range there will be an estimated 12.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.41 (0.95%) than the resistance at $4.62 (3.72%), 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 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.761 Hold/Accumulate Downgraded
Predicted Opening Price for Edesa Biotech, Inc. of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $4.43 ( 0.466%) | $4.45 |
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 | 4.49 | 0.93 % | |
| R2 | 4.47 | 0.398 % | ||
| R1 | 4.46 | 0.0681 % | ||
| Current price: | 4.45 | |||
| Support | S1 | 4.41 | -1.00 % | |
| S2 | 4.39 | -1.33 % | ||
| S3 | 4.37 | -1.87 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.12 | 14.99 % | |
| R2 | 5.00 | 12.30 % | ||
| R1 | 4.62 | 3.72 % | ||
| Current price | 4.45 | |||
| Support | S1 | 4.41 | -0.95% | |
| S2 | 4.36 | -2.08% | ||
| S3 | 4.18 | -6.16% |
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