Eledon Pharmaceuticals, Inc. Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Green day on Monday for Eledon Pharmaceuticals, Inc. stock after gaining 1.24%
(Updated on May 06, 2024)
The Eledon Pharmaceuticals, Inc. stock price gained 1.24% on the last trading day (Monday, 6th May 2024), rising from $2.41 to $2.44. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.65% from a day low at $2.39 to a day high of $2.50. The price has risen in 8 of the last 10 days and is up by 20.79% over the past 2 weeks. Volume fell on the last day by -87 thousand shares and in total, 91 thousand shares were bought and sold for approximately $222.60 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 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 $2.31, a level that may pose a second chance to hit a runner. According to fan-theory $2.96 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
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 $2.32 and $1.94. 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 55.41%. 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. 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 also not.
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 periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.111 between high and low, or 4.65%. For the last week the stock has had daily average volatility of 8.26%.
Our recommended stop-loss: $2.37 (-3.02%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (ELDN) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Eledon Pharmaceuticals, Inc. to open at $2.44, and during the day (based on 14 day Average True Range), to move between $2.24 and $2.64, which gives a possible trading interval of +/-$0.196 (+/-8.04%) up or down from last closing price. If Eledon Pharmaceuticals, Inc. takes out the full calculated possible swing range there will be an estimated 16.07% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $2.01, some $0.430 (17.62%) from the current price of $2.44, 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 +/- 10.80% 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.
Current score: 5.250 Strong Buy Candidate Unchanged
Predicted Opening Price for Eledon Pharmaceuticals, Inc. of Tuesday, May 7, 2024
Fair opening price May 7, 2024 | Current price |
---|---|
$2.44 ( 0.152%) | $2.44 |
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 | 2.55 | 4.70 % | |
R2 | 2.51 | 2.97 % | ||
R1 | 2.49 | 1.89 % | ||
Current price: | 2.44 | |||
Support | S1 | 2.40 | -1.59 % | |
S2 | 2.38 | -2.66 % | ||
S3 | 2.33 | -4.40 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 2.44 | |||
Support | S1 | 2.01 | -17.62% | |
S2 | 1.88 | -22.95% | ||
S3 | 1.86 | -23.77% |
FAQ
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