Evolus Inc. Stock Forecast
Evaluation of Evolus Inc. stock downgraded after the last trading session.
(Updated on May 22, 2024)
The Evolus Inc. stock price fell by -1.67% on the last day (Wednesday, 22nd May 2024) from $13.16 to $12.94. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 3.10% from a day low at $12.90 to a day high of $13.30. The price has fallen in 7 of the last 10 days and is down by -2.41% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -133 thousand shares and in total, 224 thousand shares were bought and sold for approximately $2.90 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -13.30% during the next 3 months and, with a 90% probability hold a price between $9.39 and $11.76 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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EOLS Signals & Forecast
The Evolus Inc. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $13.26. On a fall, the stock will find some support from the long-term average at approximately $12.61. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Thursday, May 16, 2024, and so far it has fallen -5.55%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Evolus Inc. stock
Evolus Inc. finds support from accumulated volume at $12.77 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 $0.400 between high and low, or 3.10%. For the last week, the stock has had daily average volatility of 3.49%.
Our recommended stop-loss: $12.38 (-4.32%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 18 days ago.)
Trading Expectations (EOLS) For The Upcoming Trading Day Of Thursday 23rd
For the upcoming trading day on Thursday, 23rd we expect Evolus Inc. to open at $13.05, and during the day (based on 14 day Average True Range), to move between $12.45 and $13.43, which gives a possible trading interval of +/-$0.487 (+/-3.77%) up or down from last closing price. If Evolus Inc. takes out the full calculated possible swing range there will be an estimated 7.53% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $12.77 (1.31%) than the resistance at $13.26 (2.47%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Evolus Inc. stock A Buy?
Evolus 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.251 Hold/Accumulate Downgraded
Predicted Opening Price for Evolus Inc. of Thursday, May 23, 2024
| Fair opening price May 23, 2024 | Current price |
|---|---|
| $13.05 ( 0.82%) | $12.94 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EOLS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.45 | 3.92 % | |
| R2 | 13.29 | 2.73 % | ||
| R1 | 13.20 | 2.01 % | ||
| Current price: | 12.94 | |||
| Support | S1 | 12.89 | -0.357 % | |
| S2 | 12.80 | -1.09 % | ||
| S3 | 12.65 | -2.27 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.07 | 8.73 % | |
| R2 | 14.00 | 8.19 % | ||
| R1 | 13.26 | 2.47 % | ||
| Current price | 12.94 | |||
| Support | S1 | 12.77 | -1.31% | |
| S2 | 12.62 | -2.47% | ||
| S3 | 11.89 | -8.11% |
FAQ
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