Legend Biotech Corporation Stock Forecast

LEGN Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, November 21, 2023, and so far it has risen 3.55%. 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. The Legend Biotech Corporation 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 $61.09 and $63.31. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

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Support, Risk & Stop-loss for Legend Biotech Corporation stock

Legend Biotech Corporation finds support from accumulated volume at $57.25 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.89 between high and low, or 4.93%. For the last week, the stock has had daily average volatility of 4.85%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (LEGN) For The Upcoming Trading Day Of Monday 11th

For the upcoming trading day on Monday, 11th we expect Legend Biotech Corporation to open at $59.82, and during the day (based on 14 day Average True Range), to move between $56.48 and $62.08, which gives a possible trading interval of +/-$2.80 (+/-4.73%) up or down from last closing price. If Legend Biotech Corporation takes out the full calculated possible swing range there will be an estimated 9.46% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $59.99 (1.20%) than the support at $57.25 (3.42%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Legend Biotech Corporation stock A Buy?

Legend Biotech Corporation holds several negative signals and is within a 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.

Current score: -3.742 Open Broker Account

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