Evelo Biosciences Inc. Stock Forecast

High volatility in Evelo Biosciences Inc. stock price on Wednesday which ended trading at $0.0475
(Updated on May 01, 2024)

EVLO Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, April 05, 2024, and so far it has risen 35.71%. 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 Evelo Biosciences 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 $0.0483. On a fall, the stock will find some support from the short-term average at $0.0458. 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. Evelo Biosciences Inc. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Evelo Biosciences Inc. stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.0450 and $0.0435. 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, Evelo Biosciences Inc. finds support just below today's level at $0.0450. If this is broken, then the next support from accumulated volume will be at $0.0435 and $0.0424.

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 $0.0110 between high and low, or 28.21%. For the last week, the stock has had daily average volatility of 13.42%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (EVLO) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect Evelo Biosciences Inc. to open at $0.0455, and during the day (based on 14 day Average True Range), to move between $0.0377 and $0.0573, which gives a possible trading interval of +/-$0.0098 (+/-20.65%) up or down from last closing price. If Evelo Biosciences Inc. takes out the full calculated possible swing range there will be an estimated 41.29% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0500 (5.26%) than the support at $0.0450 (5.26%), 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 Evelo Biosciences Inc. stock A Buy?

Evelo Biosciences 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: -2.727 Sell Candidate Downgraded

Predicted Opening Price for Evelo Biosciences Inc. of Thursday, May 2, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.