Inmed Pharmaceuticals Inc. Stock Forecast
Big movements in Inmed Pharmaceuticals Inc. stock price on Tuesday moving 37.98% between high and low
(Updated on Jun 18, 2024)
The Inmed Pharmaceuticals Inc. stock price gained 25.81% on the last trading day (Tuesday, 18th Jun 2024), rising from $0.219 to $0.276. During the last trading day the stock fluctuated 37.98% from a day low at $0.223 to a day high of $0.307. The price has fallen in 6 of the last 10 days and is down by -4.83% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 million more shares were traded than the day before. In total, 7 million shares were bought and sold for approximately $1.99 million.
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 -24.41% during the next 3 months and, with a 90% probability hold a price between $0.165 and $0.244 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
INM Signals & Forecast
The Inmed Pharmaceuticals Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.241 and $0.275. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 25.81%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. 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 Inmed Pharmaceuticals Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.260 and $0.254. 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, Inmed Pharmaceuticals Inc. finds support just below today's level at $0.260. If this is broken, then the next support from accumulated volume will be at $0.254 and $0.252.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0845 between high and low, or 37.98%. For the last week, the stock has had daily average volatility of 16.09%.
Our recommended stop-loss: $0.262 (-4.99%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 18 days ago.)
Trading Expectations (INM) For The Upcoming Trading Day Of Thursday 20th
For the upcoming trading day on Thursday, 20th we expect Inmed Pharmaceuticals Inc. to open at $0.268, and during the day (based on 14 day Average True Range), to move between $0.240 and $0.312, which gives a possible trading interval of +/-$0.0357 (+/-12.94%) up or down from last closing price. If Inmed Pharmaceuticals Inc. takes out the full calculated possible swing range there will be an estimated 25.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.260 (5.73%) than the resistance at $0.295 (6.89%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Inmed Pharmaceuticals 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Buy candidate.
Current score: 3.584 Buy Candidate Upgraded
Predicted Opening Price for Inmed Pharmaceuticals Inc. of Thursday, June 20, 2024
| Fair opening price June 20, 2024 | Current price |
|---|---|
| $0.268 ( 2.69%) | $0.276 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INM
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.353 | 27.93% |
| R2 | 0.321 | 16.23% |
| R1 | 0.301 | 9.01% |
| Price | 0.276 | |
| S1 | 0.236 | -14.39% |
| S2 | 0.216 | -21.62% |
| S3 | 0.184 | -33.32% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.340 | 23.20% |
| R2 | 0.303 | 9.82% |
| R1 | 0.295 | 6.89% |
| Price | 0.276 | |
| S1 | 0.260 | -5.73% |
| S2 | 0.254 | -7.97% |
| S3 | 0.252 | -8.66% |
FAQ
Click here for our free guide on how to buy Inmed Pharmaceuticals Inc. Stock.
