Erasca, Inc. Stock Forecast
Is Erasca, Inc. stock still a buy after falling -6.03% on Wednesday?
(Updated on Jul 03, 2024)
The Erasca, Inc. stock price fell by -6.03% on the last day (Wednesday, 3rd Jul 2024) from $2.32 to $2.18. During the last trading day the stock fluctuated 6.42% from a day low at $2.18 to a day high of $2.32. The price has risen in 6 of the last 10 days and is up by 6.86% over the past 2 weeks. 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 -704 thousand shares and in total, 518 thousand shares were bought and sold for approximately $1.13 million.
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 $2.06 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 13.70% during the next 3 months and, with a 90% probability hold a price between $2.34 and $3.15 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
ERAS Signals & Forecast
There are mixed signals in the stock today. The Erasca, 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 $2.27 and $2.27. A break-up above any of these levels will issue buy signals. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 9.00%. 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).
Support, Risk & Stop-loss for Erasca, Inc. stock
Erasca, Inc. finds support from accumulated volume at $2.11 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.140 between high and low, or 6.42%. For the last week the stock has had daily average volatility of 8.31%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ERAS) For The Upcoming Trading Day Of Friday 5th
For the upcoming trading day on Friday, 5th we expect Erasca, Inc. to open at $2.23, and during the day (based on 14 day Average True Range), to move between $2.02 and $2.34, which gives a possible trading interval of +/-$0.162 (+/-7.42%) up or down from last closing price. If Erasca, Inc. takes out the full calculated possible swing range there will be an estimated 14.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.24 (2.75%) than the support at $2.11 (3.21%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Erasca, Inc. stock A Buy?
Erasca, Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.610 Sell Candidate Downgraded
Predicted Opening Price for Erasca, Inc. of Friday, July 5, 2024
| Fair opening price July 5, 2024 | Current price |
|---|---|
| $2.23 ( 2.14%) | $2.18 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ERAS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.37 | 8.56% |
| R2 | 2.31 | 6.11% |
| R1 | 2.28 | 4.59% |
| Price | 2.18 | |
| S1 | 2.17 | -0.313% |
| S2 | 2.14 | -1.83% |
| S3 | 2.09 | -4.28% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.59 | 18.81% |
| R2 | 2.44 | 11.93% |
| R1 | 2.24 | 2.75% |
| Price | 2.18 | |
| S1 | 2.11 | -3.21% |
| S2 | 2.08 | -4.59% |
| S3 | 1.97 | -9.63% |
FAQ
Click here for our free guide on how to buy Erasca, Inc. Stock.
