Evoke Pharma Stock Forecast
High volatility in Evoke Pharma stock price on Tuesday which ended trading at $0.508
(Updated on Jul 02, 2024)
The Evoke Pharma stock price gained 7.72% on the last trading day (Tuesday, 2nd Jul 2024), rising from $0.472 to $0.508. During the last trading day the stock fluctuated 18.00% from a day low at $0.500 to a day high of $0.590. The price has been going up and down for this period, and there has been a -3.79% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 46 thousand more shares were traded than the day before. In total, 70 thousand shares were bought and sold for approximately $35.67 thousand.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Evoke Pharma stock with a 90% probability to be traded between $0.440 and $0.619 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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EVOK Signals & Forecast
The Evoke Pharma stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $0.516. On a fall, the stock will find some support from the long-term average at approximately $0.501. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Monday, July 01, 2024, and so far it has risen 7.72%. Further rise is indicated until a new top pivot has been found. Evoke Pharma 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Evoke Pharma stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.470 and $0.465. 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, Evoke Pharma finds support just below today's level at $0.470. If this is broken, then the next support from accumulated volume will be at $0.465 and $0.451.
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 $0.0900 between high and low, or 18.00%. For the last week, the stock has had daily average volatility of 11.71%.
Our recommended stop-loss: $0.487 (-4.12%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (EVOK) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Evoke Pharma to open at $0.533, and during the day (based on 14 day Average True Range), to move between $0.437 and $0.579, which gives a possible trading interval of +/-$0.0707 (+/-13.92%) up or down from last closing price. If Evoke Pharma takes out the full calculated possible swing range there will be an estimated 27.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.528 (3.94%) than the support at $0.470 (7.52%), 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 Evoke Pharma stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Evoke Pharma stock to perform well in 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: 1.983 Buy Candidate Upgraded
Predicted Opening Price for Evoke Pharma of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $0.533 ( 4.83%) | $0.508 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EVOK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.623 | 22.54% |
| R2 | 0.588 | 15.77% |
| R1 | 0.567 | 11.59% |
| Price | 0.508 | |
| S1 | 0.498 | -1.94% |
| S2 | 0.477 | -6.12% |
| S3 | 0.443 | -12.88% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.610 | 20.03% |
| R2 | 0.560 | 10.19% |
| R1 | 0.528 | 3.94% |
| Price | 0.508 | |
| S1 | 0.470 | -7.52% |
| S2 | 0.465 | -8.50% |
| S3 | 0.451 | -11.26% |
FAQ
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