ESSA Pharma Inc. Stock Forecast
ESSA Pharma Inc. stock price down 4.95% on Thursday
(Updated on Apr 18, 2024)
The ESSA Pharma Inc. stock price fell by -4.95% on the last day (Thursday, 18th Apr 2024) from $7.07 to $6.72. During the last trading day the stock fluctuated 9.77% from a day low at $6.65 to a day high of $7.30. The price has fallen in 6 of the last 10 days and is down by -17.65% for this period. Volume has increased on the last day by 9 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 36 thousand shares were bought and sold for approximately $238.57 thousand.
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 -11.24% during the next 3 months and, with a 90% probability hold a price between $5.02 and $8.59 at the end of this 3-month period.
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EPIX Signals & Forecast
There are few to no technical positive signals at the moment. The ESSA Pharma 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 $7.48 and $8.55. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, February 29, 2024, and so far it has fallen -29.26%. 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). ESSA Pharma Inc. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for ESSA Pharma Inc. stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $0.650 between high and low, or 9.77%. For the last week, the stock has had daily average volatility of 9.84%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (EPIX) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect ESSA Pharma Inc. to open at $6.89, and during the day (based on 14 day Average True Range), to move between $6.09 and $7.35, which gives a possible trading interval of +/-$0.634 (+/-9.43%) up or down from last closing price. If ESSA Pharma Inc. takes out the full calculated possible swing range there will be an estimated 18.86% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $6.80, some $0.0800 (1.19%) from the current price of $6.72, our system finds the risk reward not very attractive.
Is ESSA Pharma Inc. stock A Buy?
ESSA Pharma Inc. holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -5.010 Strong Sell Candidate Unchanged
Predicted Opening Price for ESSA Pharma Inc. of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $6.89 ( 2.53%) | $6.72 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EPIX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.54 | 12.20 % | |
| R2 | 7.29 | 8.51 % | ||
| R1 | 7.14 | 6.22 % | ||
| Current price: | 6.72 | |||
| Support | S1 | 6.64 | -1.17 % | |
| S2 | 6.49 | -3.45 % | ||
| S3 | 6.24 | -7.14 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.20 | 22.02 % | |
| R2 | 7.79 | 15.92 % | ||
| R1 | 6.80 | 1.19 % | ||
| Current price | 6.72 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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