Fennec Pharmaceuticals, Inc Stock Forecast
Fennec Pharmaceuticals, Inc stock price down 0.98% on Wednesday
(Updated on May 01, 2024)
The Fennec Pharmaceuticals, Inc stock price fell by -0.98% on the last day (Wednesday, 1st May 2024) from $9.18 to $9.09. During the last trading day the stock fluctuated 3.56% from a day low at $8.99 to a day high of $9.31. The price has fallen in 6 of the last 10 days and is down by -6.29% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -15 thousand shares and in total, 73 thousand shares were bought and sold for approximately $665.83 thousand.
The stock has broken the wide and weak rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $9.10. A reaction back to this level may hold a second chance to get out before further falls.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
FENC Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 0.221%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Fennec Pharmaceuticals, Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $9.16 and $10.27. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Fennec Pharmaceuticals, Inc stock
Fennec Pharmaceuticals, Inc finds support from accumulated volume at $9.07 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 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 $0.320 between high and low, or 3.56%. For the last week the stock has had daily average volatility of 3.86%.
Fennec Pharmaceuticals, Inc is oversold on RSI14 (10). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FENC) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Fennec Pharmaceuticals, Inc to open at $9.13, and during the day (based on 14 day Average True Range), to move between $8.68 and $9.50, which gives a possible trading interval of +/-$0.414 (+/-4.55%) up or down from last closing price. If Fennec Pharmaceuticals, Inc takes out the full calculated possible swing range there will be an estimated 9.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $9.07 (0.22%) than the resistance at $9.40 (3.41%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Fennec Pharmaceuticals, Inc will release earnings BMO on Thursday, May 09, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.0200. We will update the financials statements for Fennec Pharmaceuticals, Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.10% in the first trading day after earnings release.
Is Fennec Pharmaceuticals, Inc stock A Buy?
The Fennec Pharmaceuticals, Inc stock holds several negative signals and despite the positive trend, we believe Fennec Pharmaceuticals, Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.242 Sell Candidate Unchanged
Predicted Opening Price for Fennec Pharmaceuticals, Inc of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $9.13 ( 0.440%) | $9.09 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FENC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.45 | 3.96 % | |
| R2 | 9.33 | 2.61 % | ||
| R1 | 9.25 | 1.78 % | ||
| Current price: | 9.09 | |||
| Support | S1 | 9.01 | -0.90 % | |
| S2 | 8.93 | -1.74 % | ||
| S3 | 8.81 | -3.08 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.07 | 21.78 % | |
| R2 | 9.47 | 4.18 % | ||
| R1 | 9.40 | 3.41 % | ||
| Current price | 9.09 | |||
| Support | S1 | 9.07 | -0.220% | |
| S2 | 9.00 | -0.99% | ||
| S3 | 8.82 | -2.97% |
FAQ
Click here for our free guide on how to buy Fennec Pharmaceuticals, Inc Stock.
