Eton Pharmaceuticals Inc. Stock Forecast
High volatility in Eton Pharmaceuticals Inc. stock price on Friday which ended trading at $3.45
(Updated on Apr 26, 2024)
The Eton Pharmaceuticals Inc. stock price gained 10.58% on the last trading day (Friday, 26th Apr 2024), rising from $3.12 to $3.45. During the last trading day the stock fluctuated 16.51% from a day low at $3.15 to a day high of $3.67. The price has fallen in 6 of the last 10 days but is still up by 0.88% 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, 49 thousand more shares were traded than the day before. In total, 69 thousand shares were bought and sold for approximately $238.44 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 -31.34% during the next 3 months and, with a 90% probability hold a price between $1.99 and $2.52 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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ETON Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 12.75%. Further rise is indicated until a new top pivot has been found. Eton 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Eton Pharmaceuticals Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $3.63. On a fall, the stock will find some support from the short-term average at $3.22. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Eton Pharmaceuticals Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $3.22 and $3.14. There is a 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, Eton Pharmaceuticals Inc. finds support just below today's level at $3.22. If this is broken, then the next support from accumulated volume will be at $3.14 and $3.06.
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 $0.520 between high and low, or 16.51%. For the last week, the stock has had daily average volatility of 7.27%.
Our recommended stop-loss: $3.31 (-4.00%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (ETON) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Eton Pharmaceuticals Inc. to open at $3.42, and during the day (based on 14 day Average True Range), to move between $3.23 and $3.67, which gives a possible trading interval of +/-$0.215 (+/-6.24%) up or down from last closing price. If Eton Pharmaceuticals Inc. takes out the full calculated possible swing range there will be an estimated 12.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3.48 (0.87%) than the support at $3.22 (6.67%), 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 Eton Pharmaceuticals Inc. stock A Buy?
Eton 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: 0.174 Hold/Accumulate Upgraded
Predicted Opening Price for Eton Pharmaceuticals Inc. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $3.42 ( 0.773%) | $3.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ETON
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.94 | 14.30 % | |
| R2 | 3.74 | 8.54 % | ||
| R1 | 3.62 | 4.98 % | ||
| Current price: | 3.45 | |||
| Support | S1 | 3.22 | -6.53 % | |
| S2 | 3.10 | -10.09 % | ||
| S3 | 2.90 | -15.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.85 | 11.59 % | |
| R2 | 3.54 | 2.61 % | ||
| R1 | 3.48 | 0.87 % | ||
| Current price | 3.45 | |||
| Support | S1 | 3.22 | -6.67% | |
| S2 | 3.14 | -8.99% | ||
| S3 | 3.06 | -11.30% |
FAQ
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