Red day on Wednesday for ESSA Pharma Inc. stock after losing 3.1%
(Updated on Dec 08, 2021)
Buy or Hold candidate since 2021-10-21 Gain 42.19% PDF
The ESSA Pharma Inc. stock price fell by -3.10% on the last day (Wednesday, 8th Dec 2021) from $12.59 to $12.20. During the day the stock fluctuated 5.83% from a day low at $12.09 to a day high of $12.80. The price has risen in 6 of the last 10 days, but is still down by -6.8% for this period. Volume has increased on the last day by 99 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, 255 thousand shares were bought and sold for approximately $3.11 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 62.74% during the next 3 months and, with a 90% probability hold a price between $18.21 and $23.65 at the end of this 3-month period.
Signals & Forecast
A sell signal was issued from a pivot top point on Friday, November 26, 2021, and so far it has fallen -11.72%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. Some positive signals were issued as well, and these may have some influence on the near short-term development. The ESSA Pharma 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 $12.37. On a fall, the stock will find some support from the long-term average at approximately $11.35. 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.
Support, Risk & Stop-loss
On the downside, the stock finds support just below today's level from accumulated volume at $11.05 and $11.00. There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, ESSA Pharma Inc. finds support just below today's level at $11.05. If this is broken, then the next support from accumulated volume will be at $11.00 and $10.15.
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 $0.71 between high and low, or 5.83%. For the last week, the stock has had a daily average volatility of 10.19%.
Our recommended stop-loss: $11.58 (-5.12%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 8 days ago.)
Is ESSA Pharma Inc. stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
Current score: 1.276
Predicted Opening Price for ESSA Pharma Inc. of Thursday, December 9, 2021
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price December 9, 2021||Current price|
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