Eledon Pharmaceuticals, Inc. Stock Forecast
Volatile ride for Eledon Pharmaceuticals, Inc. stock price on Friday moving between $2.28 and $2.53
(Updated on May 03, 2024)
The Eledon Pharmaceuticals, Inc. stock price gained 4.78% on the last trading day (Friday, 3rd May 2024), rising from $2.30 to $2.41. During the last trading day the stock fluctuated 10.89% from a day low at $2.28 to a day high of $2.53. The price has risen in 8 of the last 10 days and is up by 29.57% 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, 59 thousand more shares were traded than the day before. In total, 178 thousand shares were bought and sold for approximately $428.94 thousand.
The stock has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $2.28, a level that may pose a second chance to hit a runner. According to fan-theory $2.92 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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ELDN Signals & Forecast
Mostly positive signals in the chart today. The Eledon Pharmaceuticals, 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 $2.26 and $1.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 53.50%. 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). Eledon Pharmaceuticals, 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. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Eledon Pharmaceuticals, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $2.01 and $1.88. 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, Eledon Pharmaceuticals, Inc. finds support just below today's level at $2.01. If this is broken, then the next support from accumulated volume will be at $1.88 and $1.86.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.248 between high and low, or 10.89%. For the last week, the stock has had daily average volatility of 11.04%.
Our recommended stop-loss: $2.32 (-3.56%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (ELDN) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Eledon Pharmaceuticals, Inc. to open at $2.41, and during the day (based on 14 day Average True Range), to move between $2.21 and $2.61, which gives a possible trading interval of +/-$0.202 (+/-8.40%) up or down from last closing price. If Eledon Pharmaceuticals, Inc. takes out the full calculated possible swing range there will be an estimated 16.80% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $2.01, some $0.400 (16.60%) from the current price of $2.41, our system finds the risk reward attractive.
Earnings coming up
Eledon Pharmaceuticals, Inc. will release earnings BMO on Thursday, May 09, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.370. We will update the financials statements for Eledon Pharmaceuticals, Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 8.91% in the first trading day after earnings release.
Is Eledon Pharmaceuticals, Inc. stock A Buy?
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Eledon Pharmaceuticals, Inc. stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 6.838 Strong Buy Candidate Upgraded
Predicted Opening Price for Eledon Pharmaceuticals, Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $2.41 ( 0.116%) | $2.41 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELDN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.66 | 10.19 % | |
| R2 | 2.56 | 6.25 % | ||
| R1 | 2.50 | 3.82 % | ||
| Current price: | 2.41 | |||
| Support | S1 | 2.31 | -4.05 % | |
| S2 | 2.25 | -6.49 % | ||
| S3 | 2.16 | -10.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 2.41 | |||
| Support | S1 | 2.01 | -16.60% | |
| S2 | 1.88 | -21.99% | ||
| S3 | 1.86 | -22.82% |
FAQ
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