Modular Medical, Inc. Stock Forecast
Strong day for Modular Medical, Inc. stock price on Monday rising 6.98% to $1.84
(Updated on May 13, 2024)
The Modular Medical, Inc. stock price gained 6.98% on the last trading day (Monday, 13th May 2024), rising from $1.72 to $1.84. During the last trading day the stock fluctuated 8.19% from a day low at $1.71 to a day high of $1.85. The price has risen in 6 of the last 10 days and is up by 13.58% over the past 2 weeks. Volume fell on the last day by -32 thousand shares and in total, 31 thousand shares were bought and sold for approximately $56.13 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.
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 $1.96 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 -7.65% during the next 3 months and, with a 90% probability hold a price between $0.90 and $1.81 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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MODD Signals & Forecast
The Modular Medical, 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 $1.72 and $1.67. A breakdown below any of these levels will issue sell signals. 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, March 18, 2024, and so far it has fallen -10.68%. Further fall is indicated until a new bottom pivot has been found. 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 Modular Medical, Inc. stock
Modular Medical, Inc. finds support from accumulated volume at $1.75 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 $0.140 between high and low, or 8.19%. For the last week the stock has had daily average volatility of 7.20%.
Our recommended stop-loss: $1.75 (-5.10%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 39 days ago.)
Trading Expectations (MODD) For The Upcoming Trading Day Of Tuesday 14th
For the upcoming trading day on Tuesday, 14th we expect Modular Medical, Inc. to open at $1.80, and during the day (based on 14 day Average True Range), to move between $1.72 and $1.96, which gives a possible trading interval of +/-$0.119 (+/-6.49%) up or down from last closing price. If Modular Medical, Inc. takes out the full calculated possible swing range there will be an estimated 12.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.75 (4.89%) than the resistance at $1.95 (5.98%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Modular Medical, 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: 2.402 Buy Candidate Unchanged
Predicted Opening Price for Modular Medical, Inc. of Tuesday, May 14, 2024
| Fair opening price May 14, 2024 | Current price |
|---|---|
| $1.80 ( 2.17%) | $1.84 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MODD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.94 | 5.43 % | |
| R2 | 1.89 | 2.53 % | ||
| R1 | 1.85 | 0.733 % | ||
| Current price: | 1.84 | |||
| Support | S1 | 1.75 | -5.08 % | |
| S2 | 1.71 | -6.88 % | ||
| S3 | 1.66 | -9.78 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.06 | 11.96 % | |
| R2 | 1.98 | 7.61 % | ||
| R1 | 1.95 | 5.98 % | ||
| Current price | 1.84 | |||
| Support | S1 | 1.75 | -4.89% | |
| S2 | 1.66 | -9.78% | ||
| S3 | 1.55 | -15.76% |
FAQ
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