Evofem Biosciences Stock Forecast
Big movements in Evofem Biosciences stock price on Wednesday moving 35.00% between high and low
(Updated on May 08, 2024)
The Evofem Biosciences stock price gained 12.92% on the last trading day (Wednesday, 8th May 2024), rising from $0.0136 to $0.0153. During the last trading day the stock fluctuated 35.00% from a day low at $0.0120 to a day high of $0.0162. The price has fallen in 7 of the last 10 days but is still up by 2.68% over the past 2 weeks. Volume fell on the last day by -148 thousand shares and in total, 421 thousand shares were bought and sold for approximately $6.44 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.0166 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -47.23% during the next 3 months and, with a 90% probability hold a price between $0.0023 and $0.0087 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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EVFM Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 27.50%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Evofem Biosciences 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 $0.0168. On a fall, the stock will find some support from the short-term average at $0.0137. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Evofem Biosciences stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0139 and $0.0128. 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, Evofem Biosciences finds support just below today's level at $0.0139. If this is broken, then the next support from accumulated volume will be at $0.0128 and $0.0120.
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 $0.0042 between high and low, or 35.00%. For the last week the stock has had daily average volatility of 37.81%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (EVFM) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Evofem Biosciences Inc. to open at $0.0145, and during the day (based on 14 day Average True Range), to move between $0.0116 and $0.0190, which gives a possible trading interval of +/-$0.0037 (+/-24.46%) up or down from last closing price. If Evofem Biosciences Inc. takes out the full calculated possible swing range there will be an estimated 48.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0160 (4.58%) than the support at $0.0139 (9.15%), 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 Evofem Biosciences Inc. stock A Buy?
Evofem Biosciences 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.
Current score: -3.515 Sell Candidate Unchanged
Predicted Opening Price for Evofem Biosciences Inc. of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $0.0145 ( 5.23%) | $0.0153 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EVFM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0187 | 22.22 % | |
| R2 | 0.0171 | 11.74 % | ||
| R1 | 0.0161 | 5.26 % | ||
| Current price: | 0.0153 | |||
| Support | S1 | 0.0129 | -15.72 % | |
| S2 | 0.0119 | -22.19 % | ||
| S3 | 0.0103 | -32.68 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0179 | 16.99 % | |
| R2 | 0.0178 | 16.08 % | ||
| R1 | 0.0160 | 4.58 % | ||
| Current price | 0.0153 | |||
| Support | S1 | 0.0139 | -9.15% | |
| S2 | 0.0128 | -16.08% | ||
| S3 | 0.0120 | -21.57% |
FAQ
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