Eloxx Pharmaceuticals Inc. Stock Forecast
Volatile ride for Eloxx Pharmaceuticals Inc. stock price on Friday moving between $0.750 and $0.83
(Updated on Apr 26, 2024)
The Eloxx Pharmaceuticals Inc. stock price gained 2.65% on the last trading day (Friday, 26th Apr 2024), rising from $0.785 to $0.81. During the last trading day the stock fluctuated 10.63% from a day low at $0.750 to a day high of $0.83. The price has fallen in 6 of the last 10 days and is down by -21% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 820 more shares were traded than the day before. In total, 2 thousand shares were bought and sold for approximately $1.60 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.787 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 14.29% during the next 3 months and, with a 90% probability hold a price between $0.90 and $1.34 at the end of this 3-month period.
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ELOX Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 2.65%. Further rise is indicated until a new top pivot has been found. Eloxx 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. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Eloxx Pharmaceuticals Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.82 and $0.96. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Eloxx Pharmaceuticals Inc. stock
Eloxx Pharmaceuticals Inc. finds support from accumulated volume at $0.80 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0797 between high and low, or 10.63%. For the last week, the stock has had daily average volatility of 5.17%.
Eloxx Pharmaceuticals Inc. is oversold on RSI14 (22). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ELOX) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Eloxx Pharmaceuticals Inc. to open at $0.795, and during the day (based on 14 day Average True Range), to move between $0.739 and $0.87, which gives a possible trading interval of +/-$0.0667 (+/-8.28%) up or down from last closing price. If Eloxx Pharmaceuticals Inc. takes out the full calculated possible swing range there will be an estimated 16.56% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.80 (0.59%) than the resistance at $0.90 (11.69%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Eloxx Pharmaceuticals Inc. stock A Buy?
The Eloxx Pharmaceuticals Inc. stock holds several negative signals and despite the positive trend, we believe Eloxx Pharmaceuticals Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.956 Sell Candidate Unchanged
Predicted Opening Price for Eloxx Pharmaceuticals Inc. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $0.795 ( 1.32%) | $0.81 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELOX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.87 | 8.57 % | |
| R2 | 0.84 | 4.79 % | ||
| R1 | 0.83 | 2.46 % | ||
| Current price: | 0.81 | |||
| Support | S1 | 0.765 | -5.10 % | |
| S2 | 0.746 | -7.43 % | ||
| S3 | 0.715 | -11.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.00 | 24.10 % | |
| R2 | 0.96 | 19.14 % | ||
| R1 | 0.90 | 11.69 % | ||
| Current price | 0.81 | |||
| Support | S1 | 0.80 | -0.594% | |
| S2 | 0.765 | -5.06% | ||
| S3 | 0.750 | -6.92% |
FAQ
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