Evofem Biosciences Stock Forecast
High volatility in Evofem Biosciences stock price on Friday which ended trading at $0.0168
(Updated on Apr 26, 2024)
The Evofem Biosciences stock price gained 17.96% on the last trading day (Friday, 26th Apr 2024), rising from $0.0142 to $0.0168. During the last trading day the stock fluctuated 42.31% from a day low at $0.0130 to a day high of $0.0185. The price has risen in 6 of the last 10 days and is up by 11.67% 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, 378 thousand more shares were traded than the day before. In total, 556 thousand shares were bought and sold for approximately $9.31 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 -44.86% during the next 3 months and, with a 90% probability hold a price between $0.0030 and $0.0112 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 Tuesday, April 23, 2024, and so far it has risen 30.45%. Further rise is indicated until a new top pivot has been found. 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. 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 $0.0183. On a fall, the stock will find some support from the short-term average at $0.0149. 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 Evofem Biosciences stock
Evofem Biosciences finds support from accumulated volume at $0.0160 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 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 $0.0055 between high and low, or 42.31%. For the last week, the stock has had daily average volatility of 24.29%.
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 Monday 29th
For the upcoming trading day on Monday, 29th we expect Evofem Biosciences Inc. to open at $0.0161, and during the day (based on 14 day Average True Range), to move between $0.0131 and $0.0204, which gives a possible trading interval of +/-$0.0036 (+/-21.61%) up or down from last closing price. If Evofem Biosciences Inc. takes out the full calculated possible swing range there will be an estimated 43.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0160 (4.48%) than the resistance at $0.0178 (6.03%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -2.582 Sell Candidate Upgraded
Predicted Opening Price for Evofem Biosciences Inc. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $0.0161 ( 3.98%) | $0.0168 |
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 | 0.0216 | 28.86 % | |
| R2 | 0.0195 | 16.31 % | ||
| R1 | 0.0182 | 8.56 % | ||
| Current price: | 0.0168 | |||
| Support | S1 | 0.0140 | -16.52 % | |
| S2 | 0.0127 | -24.27 % | ||
| S3 | 0.0106 | -36.82 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0199 | 18.81 % | |
| R2 | 0.0179 | 6.87 % | ||
| R1 | 0.0178 | 6.03 % | ||
| Current price | 0.0168 | |||
| Support | S1 | 0.0160 | -4.48% | |
| S2 | 0.0158 | -5.67% | ||
| S3 | 0.0128 | -23.34% |
FAQ
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