Biogen Inc. Stock Forecast
Green day on Thursday for Biogen Inc. stock after gaining 0.233%
(Updated on May 16, 2024)
The Biogen Inc. stock price gained 0.233% on the last trading day (Thursday, 16th May 2024), rising from 214.80€ to 215.30€. During the last trading day the stock fluctuated 1.39% from a day low at 215.30€ to a day high of 218.30€. The price has risen in 6 of the last 10 days and is up by 7.17% over the past 2 weeks. Volume fell on the last day by -2 thousand shares and in total, 245 shares were bought and sold for approximately 52.75€ thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Given the current short-term trend, the stock is expected to fall -3.00% during the next 3 months and, with a 90% probability hold a price between 171.73€ and 208.83€ 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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IDP.F Signals & Forecast
The Biogen Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at 208.43€ and 194.98€. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 20.25%. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Biogen Inc. stock
Biogen Inc. finds support from accumulated volume at 214.80€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved 3.00€ between high and low, or 1.39%. For the last week the stock has had daily average volatility of 1.82%.
The Biogen Inc. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: 206.49€ (-4.09%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 80 and this increases the risk substantially. There is a buy signal from a pivot bottom found 18 days ago.)
Trading Expectations (IDP.F) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect Biogen Inc. to open at 216.30€, and during the day (based on 14 day Average True Range), to move between 211.01€ and 219.59€, which gives a possible trading interval of +/-4.29€ (+/-1.99%) up or down from last closing price. If Biogen Inc. takes out the full calculated possible swing range there will be an estimated 3.98% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ 214.80€, some 0.500€ (0.23%) from the current price of 215.30€, our system finds the risk reward attractive.
Is Biogen Inc. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 4.319 Buy Candidate Unchanged
Predicted Opening Price for Biogen Inc. of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| 216.30€ ( 0.464%) | 215.30€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IDP.F
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 219.30 | 1.86 % | |
| R2 | 218.15 | 1.33 % | ||
| R1 | 217.45 | 1.00 % | ||
| Current price: | 215.30 | |||
| Support | S1 | 215.15 | -0.0678 % | |
| S2 | 214.45 | -0.397 % | ||
| S3 | 213.30 | -0.93 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 215.30 | |||
| Support | S1 | 214.80 | -0.232% | |
| S2 | 204.20 | -5.16% | ||
| S3 | 201.80 | -6.27% |
FAQ
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