Inmed Pharmaceuticals Inc. Stock Forecast
Big movements in Inmed Pharmaceuticals Inc. stock price on Friday moving 26.26% between high and low
(Updated on Jun 21, 2024)
The Inmed Pharmaceuticals Inc. stock price gained 6.72% on the last trading day (Friday, 21st Jun 2024), rising from $0.238 to $0.254. During the last trading day the stock fluctuated 26.26% from a day low at $0.220 to a day high of $0.278. The price has fallen in 6 of the last 10 days but is still up by 0.04% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $682.53 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 -23.47% during the next 3 months and, with a 90% probability hold a price between $0.130 and $0.246 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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INM Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 15.82%. Further rise is indicated until a new top pivot has been found. Inmed Pharmaceuticals Inc. 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Inmed Pharmaceuticals Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.274. On a fall, the stock will find some support from the short-term average at $0.242. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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
Inmed Pharmaceuticals Inc. finds support from accumulated volume at $0.254 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 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 $0.0578 between high and low, or 26.26%. For the last week, the stock has had daily average volatility of 20.13%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (INM) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Inmed Pharmaceuticals Inc. to open at $0.251, and during the day (based on 14 day Average True Range), to move between $0.216 and $0.292, which gives a possible trading interval of +/-$0.0380 (+/-14.96%) up or down from last closing price. If Inmed Pharmaceuticals Inc. takes out the full calculated possible swing range there will be an estimated 29.93% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.254 (0.04%) than the resistance at $0.276 (8.62%), 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?
Inmed Pharmaceuticals Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -1.850 Sell Candidate Upgraded
Predicted Opening Price for Inmed Pharmaceuticals Inc. of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $0.251 ( 1.31%) | $0.254 |
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 | 0.308 | 21.44% |
| R2 | 0.286 | 12.75% |
| R1 | 0.273 | 7.38% |
| Price | 0.254 | |
| S1 | 0.229 | -10.01% |
| S2 | 0.215 | -15.38% |
| S3 | 0.193 | -24.07% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.303 | 19.29% |
| R2 | 0.295 | 16.10% |
| R1 | 0.276 | 8.62% |
| Price | 0.254 | |
| S1 | 0.254 | -0.0394% |
| S2 | 0.252 | -0.787% |
| S3 | 0.238 | -6.30% |
FAQ
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