Mydecine Innovations Group Inc. Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Volatile ride for Mydecine Innovations Group Inc. stock price on Friday moving between $0.0086 and $0.0221
(Updated on Apr 26, 2024)
The Mydecine Innovations Group Inc. stock price gained 72.58% on the last trading day (Friday, 26th Apr 2024), rising from $0.0128 to $0.0221. During the last trading day the stock fluctuated 156.86% from a day low at $0.0086 to a day high of $0.0221. The price has fallen in 5 of the last 10 days but is still up by 99.01% 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, 3 thousand more shares were traded than the day before. In total, 4 thousand shares were bought and sold for approximately $87.41 .
The stock has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $0.0218, a level that may pose a second chance to hit a runner. According to fan-theory $0.0423 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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MYCOF Signals & Forecast
The Mydecine Innovations Group Inc. 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 $0.0115 and $0.0124. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 26, 2024, and so far it has risen 21,990.00%. Further rise is indicated until a new top pivot has been found. Mydecine Innovations Group 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. The very low volume increases the risk and reduces the other technical signals issued. 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).
A buy signal from a double bottom formation was found on Tuesday, March 26, 2024 and based on theory for this formation the price should go up by 11.16% to $0.0246 within 10 trading days since signal was issued (Monday, April 29, 2024).
Support, Risk & Stop-loss for Mydecine Innovations Group Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0205 and $0.0189. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Mydecine Innovations Group Inc. finds support just below today's level at $0.0205. If this is broken, then the next support from accumulated volume will be at $0.0189 and $0.0168.
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 $0.0135 between high and low, or 156.86%. For the last week, the stock has had daily average volatility of 36.72%.
Our recommended stop-loss: $0.0213 (-3.80%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (MYCOF) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Mydecine Innovations Group Inc. to open at $0.0176, and during the day (based on 14 day Average True Range), to move between $0.0160 and $0.0282, which gives a possible trading interval of +/-$0.0061 (+/-27.58%) up or down from last closing price. If Mydecine Innovations Group Inc. takes out the full calculated possible swing range there will be an estimated 55.16% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.0205, some $0.0016 (7.29%) from the current price of $0.0221, our system finds the risk reward attractive.
Is Mydecine Innovations Group Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and the stock has broken the rising trend up, which indicates an even stronger rate of rising. We can conclude that the current level may hold a buying opportunity as there is a fair chance for Mydecine Innovations Group Inc. stock to perform well in the short-term period. Due to a possible false trend-break listing stock as pure buy candidate is held back. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 4.520 Buy Candidate Upgraded
Predicted Opening Price for Mydecine Innovations Group Inc. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $0.0176 ( 20.36%) | $0.0221 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MYCOF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0311 | 40.71 % | |
| R2 | 0.0259 | 17.38 % | ||
| R1 | 0.0227 | 2.97 % | ||
| Current price: | 0.0221 | |||
| Support | S1 | 0.0124 | -43.68 % | |
| S2 | 0.0093 | -58.10 % | ||
| S3 | 0.0041 | -81.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.0221 | |||
| Support | S1 | 0.0205 | -7.29% | |
| S2 | 0.0189 | -14.67% | ||
| S3 | 0.0168 | -24.13% |
FAQ
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