Foghorn Therapeutics Inc. Stock Forecast
Big movements in Foghorn Therapeutics Inc. stock price on Friday moving 17.61% between high and low
(Updated on May 10, 2024)
The Foghorn Therapeutics Inc. stock price fell by -6.40% on the last day (Friday, 10th May 2024) from $5.94 to $5.56. During the last trading day the stock fluctuated 17.61% from a day low at $5.11 to a day high of $6.01. The price has fallen in 6 of the last 10 days but is still up by 1.28% over the past 2 weeks. Volume has increased on the last day by 65 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 146 thousand shares were bought and sold for approximately $812.21 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 -12.37% during the next 3 months and, with a 90% probability hold a price between $4.21 and $6.69 at the end of this 3-month period.
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FHTX Signals & Forecast
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 Foghorn Therapeutics 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 $5.86 and $6.21. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 02, 2024, and so far it has fallen -9.00%. Further fall is indicated until a new bottom pivot has been found. Foghorn Therapeutics 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".
Support, Risk & Stop-loss for Foghorn Therapeutics Inc. stock
Foghorn Therapeutics Inc. finds support from accumulated volume at $5.53 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 a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.90 between high and low, or 17.61%. For the last week, the stock has had daily average volatility of 10.40%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FHTX) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Foghorn Therapeutics Inc. to open at $5.56, and during the day (based on 14 day Average True Range), to move between $4.96 and $6.16, which gives a possible trading interval of +/-$0.598 (+/-10.75%) up or down from last closing price. If Foghorn Therapeutics Inc. takes out the full calculated possible swing range there will be an estimated 21.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $5.53 (0.54%) than the resistance at $6.22 (11.87%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Foghorn Therapeutics Inc. stock A Buy?
Foghorn Therapeutics Inc. holds several negative signals and is within a very wide and falling trend, so we believe 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 Sell to a Strong Sell candidate.
Current score: -5.933 Strong Sell Candidate Downgraded
Predicted Opening Price for Foghorn Therapeutics Inc. of Monday, May 13, 2024
Fair opening price May 13, 2024 | Current price |
---|---|
$5.56 ( 0%) | $5.56 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FHTX
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 6.46 | 16.19 % | |
R2 | 6.12 | 10.00 % | ||
R1 | 5.90 | 6.18 % | ||
Current price: | 5.56 | |||
Support | S1 | 5.22 | -6.18 % | |
S2 | 5.00 | -10.00 % | ||
S3 | 4.66 | -16.19 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 6.81 | 22.48 % | |
R2 | 6.23 | 12.05 % | ||
R1 | 6.22 | 11.87 % | ||
Current price | 5.56 | |||
Support | S1 | 5.53 | -0.540% | |
S2 | 5.30 | -4.68% | ||
S3 | 5.21 | -6.29% |
FAQ
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