Elite Pharmaceuticals Inc Stock Forecast
High volatility in Elite Pharmaceuticals Inc stock price on Monday which ended trading at $0.144
(Updated on May 06, 2024)
The Elite Pharmaceuticals Inc stock price gained 10.55% on the last trading day (Monday, 6th May 2024), rising from $0.130 to $0.144. 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 17.26% from a day low at $0.123 to a day high of $0.145. The price has risen in 7 of the last 10 days and is up by 12.81% 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, 999 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $193.11 thousand.
Given the current short-term trend, the stock is expected to fall -28.92% during the next 3 months and, with a 90% probability hold a price between $0.0814 and $0.102 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ELTP Signals & Forecast
The Elite Pharmaceuticals Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.133 and $0.139. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 16.48%. 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). Elite 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 Elite Pharmaceuticals Inc stock
Elite Pharmaceuticals Inc finds support from accumulated volume at $0.140 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.0213 between high and low, or 17.26%. For the last week, the stock has had daily average volatility of 8.38%.
Our recommended stop-loss: $0.138 (-3.82%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (ELTP) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Elite Pharmaceuticals Inc to open at $0.137, and during the day (based on 14 day Average True Range), to move between $0.135 and $0.152, which gives a possible trading interval of +/-$0.0090 (+/-6.25%) up or down from last closing price. If Elite Pharmaceuticals Inc takes out the full calculated possible swing range there will be an estimated 12.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.140 (2.44%) than the resistance at $0.148 (3.14%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Elite Pharmaceuticals Inc stock A Buy?
Elite Pharmaceuticals Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Elite Pharmaceuticals Inc of Tuesday, May 7, 2024
Fair opening price May 7, 2024 | Current price |
---|---|
$0.137 ( 4.39%) | $0.144 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELTP
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.159 | 10.45 % | |
R2 | 0.150 | 4.78 % | ||
R1 | 0.145 | 1.28 % | ||
Current price: | 0.144 | |||
Support | S1 | 0.129 | -10.06 % | |
S2 | 0.124 | -13.56 % | ||
S3 | 0.116 | -19.23 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.163 | 13.24 % | |
R2 | 0.152 | 5.78 % | ||
R1 | 0.148 | 3.14 % | ||
Current price | 0.144 | |||
Support | S1 | 0.140 | -2.44% | |
S2 | 0.134 | -6.62% | ||
S3 | 0.126 | -11.99% |
FAQ
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