Evofem Biosciences Stock Forecast
Big movements in Evofem Biosciences stock price on Wednesday moving 68.60% between high and low
(Updated on Mar 27, 2024)
The Evofem Biosciences stock price gained 42.86% on the last trading day (Wednesday, 27th Mar 2024), rising from $0.0182 to $0.0260. During the last trading day the stock fluctuated 68.60% from a day low at $0.0172 to a day high of $0.0290. The price has fallen in 6 of the last 10 days but is still up by 23.81% 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, 1 million more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $53.25 thousand.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $0.0182, a level that may pose a second chance to hit a runner. According to fan-theory $0.0308 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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EVFM Signals & Forecast
The Evofem Biosciences stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0189 and $0.0229. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Evofem Biosciences 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. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, March 07, 2024, and so far it has fallen -3.70%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Evofem Biosciences stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0220 and $0.0210. 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 $0.0220. If this is broken, then the next support from accumulated volume will be at $0.0210 and $0.0199.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0118 between high and low, or 68.60%. For the last week, the stock has had daily average volatility of 40.32%.
Our recommended stop-loss: $0.0248 (-4.46%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (EVFM) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Evofem Biosciences Inc. to open at $0.0241, and during the day (based on 14 day Average True Range), to move between $0.0196 and $0.0324, which gives a possible trading interval of +/-$0.0064 (+/-24.66%) up or down from last closing price. If Evofem Biosciences Inc. takes out the full calculated possible swing range there will be an estimated 49.32% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0270 (3.85%) than the support at $0.0220 (15.38%), 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?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.293 Buy Candidate Upgraded
Predicted Opening Price for Evofem Biosciences Inc. of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$0.0241 ( 7.44%) | $0.0260 |
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 | 0.0359 | 37.95 % | |
R2 | 0.0314 | 20.61 % | ||
R1 | 0.0286 | 9.90 % | ||
Current price: | 0.0260 | |||
Support | S1 | 0.0196 | -24.77 % | |
S2 | 0.0168 | -35.48 % | ||
S3 | 0.0123 | -52.82 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0302 | 16.15 % | |
R2 | 0.0291 | 11.92 % | ||
R1 | 0.0270 | 3.85 % | ||
Current price | 0.0260 | |||
Support | S1 | 0.0220 | -15.38% | |
S2 | 0.0210 | -19.23% | ||
S3 | 0.0199 | -23.46% |
FAQ
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