Mereo Biopharma Group Plc Stock Forecast
Big movements in Mereo Biopharma Group Plc stock price on Tuesday moving 14.02% between high and low
(Updated on Apr 30, 2024)
The Mereo Biopharma Group Plc stock price gained 10.51% on the last trading day (Tuesday, 30th Apr 2024), rising from $2.76 to $3.05. During the last trading day the stock fluctuated 14.02% from a day low at $2.71 to a day high of $3.09. The price has risen in 5 of the last 10 days and is up by 13.38% 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, 873 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $4.28 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 $3.07 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 -30.71% during the next 3 months and, with a 90% probability hold a price between $1.65 and $2.13 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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MREO Signals & Forecast
The Mereo Biopharma Group Plc 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 $2.82 and $2.99. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 18.22%. 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 Mereo Biopharma Group Plc stock
Mereo Biopharma Group Plc finds support from accumulated volume at $2.98 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 $0.380 between high and low, or 14.02%. For the last week, the stock has had daily average volatility of 6.75%.
Our recommended stop-loss: $2.93 (-3.90%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (MREO) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Mereo Biopharma Group Plc to open at $2.95, and during the day (based on 14 day Average True Range), to move between $2.87 and $3.23, which gives a possible trading interval of +/-$0.183 (+/-6.01%) up or down from last closing price. If Mereo Biopharma Group Plc takes out the full calculated possible swing range there will be an estimated 12.01% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.98 (2.30%) than the resistance at $3.19 (4.59%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Mereo Biopharma Group Plc 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 Sell to a Buy candidate.
Current score: 3.961 Buy Candidate Upgraded
Predicted Opening Price for Mereo Biopharma Group Plc of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $2.95 ( 3.28%) | $3.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MREO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.33 | 9.18 % | |
| R2 | 3.18 | 4.42 % | ||
| R1 | 3.10 | 1.48 % | ||
| Current price: | 3.05 | |||
| Support | S1 | 2.80 | -8.04 % | |
| S2 | 2.72 | -10.98 % | ||
| S3 | 2.57 | -15.74 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.69 | 20.98 % | |
| R2 | 3.58 | 17.38 % | ||
| R1 | 3.19 | 4.59 % | ||
| Current price | 3.05 | |||
| Support | S1 | 2.98 | -2.30% | |
| S2 | 2.78 | -8.85% | ||
| S3 | 2.74 | -10.16% |
FAQ
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