Elanco Animal Health Inc. Stock Forecast
Elanco Animal Health Inc. stock upgraded to Buy Candidate.
(Updated on Jun 17, 2024)
The Elanco Animal Health Inc. stock price gained 1.11% on the last trading day (Monday, 17th Jun 2024), rising from $18.03 to $18.23. During the last trading day the stock fluctuated 1.67% from a day low at $17.94 to a day high of $18.24. The price has risen in 6 of the last 10 days and is up by 2.76% 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, 65 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $41.42 million.
The stock lies in the upper part of a very wide and strong rising 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 $18.88 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 22.09% during the next 3 months and, with a 90% probability hold a price between $18.37 and $23.06 at the end of this 3-month period.
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ELAN Signals & Forecast
The Elanco Animal Health 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 $18.15 and $16.67. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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 Wednesday, June 05, 2024, and so far it has fallen -1.19%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Elanco Animal Health Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $17.00 and $16.89. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Elanco Animal Health Inc. finds support just below today's level at $17.00. If this is broken, then the next support from accumulated volume will be at $16.89 and $15.27.
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 $0.300 between high and low, or 1.67%. For the last week, the stock has had daily average volatility of 2.68%.
Our recommended stop-loss: $17.49 (-4.05%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 39 days ago.)
Trading Expectations (ELAN) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Elanco Animal Health Inc. to open at $18.14, and during the day (based on 14 day Average True Range), to move between $17.75 and $18.71, which gives a possible trading interval of +/-$0.479 (+/-2.63%) up or down from last closing price. If Elanco Animal Health Inc. takes out the full calculated possible swing range there will be an estimated 5.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $18.27 (0.22%) than the support at $17.00 (6.75%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Elanco Animal Health Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Elanco Animal Health Inc. 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: 2.134 Buy Candidate Upgraded
Predicted Opening Price for Elanco Animal Health Inc. of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| $18.14 ( 0.512%) | $18.23 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELAN
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 18.44 | 1.13% |
| R2 | 18.32 | 0.505% |
| R1 | 18.25 | 0.117% |
| Price | 18.23 | |
| S1 | 18.02 | -1.14% |
| S2 | 17.95 | -1.53% |
| S3 | 17.84 | -2.16% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 18.45 | 1.21% |
| R2 | 18.35 | 0.658% |
| R1 | 18.27 | 0.219% |
| Price | 18.23 | |
| S1 | 17.00 | -6.75% |
| S2 | 16.89 | -7.35% |
| S3 | 15.27 | -16.24% |
FAQ
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