23andMe Holding Co. Stock Forecast
Weaker technical forecast for 23andMe Holding Co. as stock downgraded to Sell Candidate.
(Updated on May 06, 2024)
The 23andMe Holding Co. stock price fell by -3.13% on the last day (Monday, 6th May 2024) from $0.502 to $0.487. During the last trading day the stock fluctuated 9.96% from a day low at $0.481 to a day high of $0.529. The price has fallen in 6 of the last 10 days but is still up by 5.69% over the past 2 weeks. Volume has increased on the last day by 3 million 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, 5 million shares were bought and sold for approximately $2.30 million.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.495 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -33.67% during the next 3 months and, with a 90% probability hold a price between $0.184 and $0.329 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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ME Signals & Forecast
The 23andMe Holding Co. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $0.497. On a fall, the stock will find some support from the long-term average at approximately $0.474. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -5.68%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for 23andMe Holding Co. stock
23andMe Holding Co. finds support from accumulated volume at $0.483 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 $0.0479 between high and low, or 9.96%. For the last week, the stock has had daily average volatility of 6.86%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ME) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect 23andMe Holding Co. to open at $0.499, and during the day (based on 14 day Average True Range), to move between $0.434 and $0.539, which gives a possible trading interval of +/-$0.0527 (+/-10.83%) up or down from last closing price. If 23andMe Holding Co. takes out the full calculated possible swing range there will be an estimated 21.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.483 (0.76%) than the resistance at $0.506 (3.88%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is 23andMe Holding Co. stock A Buy?
23andMe Holding Co. 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -1.859 Sell Candidate Downgraded
Predicted Opening Price for 23andMe Holding Co. of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $0.499 ( 2.50%) | $0.487 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ME
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.547 | 12.34 % | |
| R2 | 0.528 | 8.58 % | ||
| R1 | 0.517 | 6.26 % | ||
| Current price: | 0.487 | |||
| Support | S1 | 0.480 | -1.26 % | |
| S2 | 0.469 | -3.58 % | ||
| S3 | 0.451 | -7.34 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.600 | 23.33 % | |
| R2 | 0.544 | 11.86 % | ||
| R1 | 0.506 | 3.88 % | ||
| Current price | 0.487 | |||
| Support | S1 | 0.483 | -0.760% | |
| S2 | 0.471 | -3.21% | ||
| S3 | 0.471 | -3.23% |
FAQ
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