Eagle Pharmaceuticals Stock Forecast
A very red day for Eagle Pharmaceuticals stock price after a -5.42% fall in the Tuesday trading session
(Updated on Jul 02, 2024)
The Eagle Pharmaceuticals stock price fell by -5.42% on the last day (Tuesday, 2nd Jul 2024) from $5.53 to $5.23. During the last trading day the stock fluctuated 7.68% from a day low at $5.08 to a day high of $5.47. The price has risen in 7 of the last 10 days and is up by 28.82% over the past 2 weeks. 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 -113 thousand shares and in total, 123 thousand shares were bought and sold for approximately $643.20 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 $5.58 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 -9.09% during the next 3 months and, with a 90% probability hold a price between $2.85 and $5.07 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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EGRX Signals & Forecast
The Eagle Pharmaceuticals 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 $5.05 and $4.19. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Friday, June 28, 2024, and so far it has fallen -6.61%. Further fall is indicated until a new bottom pivot has been found. 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.
Support, Risk & Stop-loss for Eagle Pharmaceuticals stock
Eagle Pharmaceuticals finds support from accumulated volume at $5.20 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 $0.390 between high and low, or 7.68%. For the last week the stock has had daily average volatility of 12.28%.
The Eagle Pharmaceuticals stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $5.03 (-3.78%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 81 and this increases the risk substantially. There is a sell signal from a pivot top found 23 days ago.)
Trading Expectations (EGRX) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Eagle Pharmaceuticals to open at $5.26, and during the day (based on 14 day Average True Range), to move between $4.81 and $5.65, which gives a possible trading interval of +/-$0.416 (+/-7.96%) up or down from last closing price. If Eagle Pharmaceuticals takes out the full calculated possible swing range there will be an estimated 15.93% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $5.20 (0.57%) than the resistance at $5.53 (5.74%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Eagle Pharmaceuticals stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.406 Buy Candidate Upgraded
Predicted Opening Price for Eagle Pharmaceuticals of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $5.26 ( 0.574%) | $5.23 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EGRX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5.65 | 8.03% |
| R2 | 5.50 | 5.18% |
| R1 | 5.41 | 3.42% |
| Price | 5.23 | |
| S1 | 5.11 | -2.27% |
| S2 | 5.02 | -4.03% |
| S3 | 4.87 | -6.88% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 5.60 | 7.07% |
| R1 | 5.53 | 5.74% |
| Price | 5.23 | |
| S1 | 5.20 | -0.574% |
| S2 | 4.86 | -7.07% |
| S3 | 4.55 | -13.00% |
FAQ
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