Elevation Oncology, Inc. Stock Forecast
High volatility in Elevation Oncology, Inc. stock price on Wednesday which ended trading at $4.00
(Updated on May 01, 2024)
The Elevation Oncology, Inc. stock price gained 12.68% on the last trading day (Wednesday, 1st May 2024), rising from $3.55 to $4.00. During the last trading day the stock fluctuated 30.32% from a day low at $3.43 to a day high of $4.47. The price has fallen in 6 of the last 10 days and is down by -3.38% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 619 thousand more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $10.62 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 35.79% during the next 3 months and, with a 90% probability hold a price between $4.85 and $7.68 at the end of this 3-month period.
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ELEV Signals & Forecast
There are mixed signals in the stock today. The Elevation Oncology, Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $4.43. On a fall, the stock will find some support from the short-term average at $3.84. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -22.63%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Elevation Oncology, Inc. stock
Elevation Oncology, Inc. finds support from accumulated volume at $3.85 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 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 $1.04 between high and low, or 30.32%. For the last week, the stock has had daily average volatility of 15.07%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ELEV) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Elevation Oncology, Inc. to open at $3.97, and during the day (based on 14 day Average True Range), to move between $3.55 and $4.45, which gives a possible trading interval of +/-$0.455 (+/-11.37%) up or down from last closing price. If Elevation Oncology, Inc. takes out the full calculated possible swing range there will be an estimated 22.74% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.85 (3.75%) than the resistance at $4.41 (10.25%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Elevation Oncology, Inc. stock A Buy?
Elevation Oncology, Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.742 Sell Candidate Unchanged
Predicted Opening Price for Elevation Oncology, Inc. of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $3.97 ( 0.83%) | $4.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELEV
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.01 | 25.17 % | |
| R2 | 4.61 | 15.23 % | ||
| R1 | 4.36 | 9.10 % | ||
| Current price: | 4.00 | |||
| Support | S1 | 3.57 | -10.77 % | |
| S2 | 3.32 | -16.90 % | ||
| S3 | 2.93 | -26.83 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.67 | 16.75 % | |
| R2 | 4.50 | 12.50 % | ||
| R1 | 4.41 | 10.25 % | ||
| Current price | 4.00 | |||
| Support | S1 | 3.85 | -3.75% | |
| S2 | 3.71 | -7.25% | ||
| S3 | 3.55 | -11.25% |
FAQ
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