MyMD Pharmaceuticals, 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
Weaker technical forecast for MyMD Pharmaceuticals, Inc. as stock downgraded to Hold/Accumulate.
(Updated on Apr 26, 2024)
The MyMD Pharmaceuticals, Inc. stock price gained 1.07% on the last trading day (Friday, 26th Apr 2024), rising from $2.81 to $2.84. During the last trading day the stock fluctuated 5.11% from a day low at $2.74 to a day high of $2.88. The price has been going up and down for this period, and there has been a 18.33% gain for the last 2 weeks. Volume fell on the last day by -3 thousand shares and in total, 17 thousand shares were bought and sold for approximately $49.50 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 in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 56.31% during the next 3 months and, with a 90% probability hold a price between $2.54 and $8.04 at the end of this 3-month period.
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MYMD Signals & Forecast
The MyMD Pharmaceuticals, 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 $2.67 and $2.62. 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 Tuesday, February 20, 2024, and so far it has fallen -24.06%. 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 MyMD Pharmaceuticals, Inc. stock
MyMD Pharmaceuticals, Inc. finds support from accumulated volume at $2.75 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.140 between high and low, or 5.11%. For the last week the stock has had daily average volatility of 6.98%.
Our recommended stop-loss: $2.69 (-5.34%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 47 days ago.)
Trading Expectations (MYMD) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect MyMD Pharmaceuticals, Inc. to open at $2.82, and during the day (based on 14 day Average True Range), to move between $2.60 and $3.08, which gives a possible trading interval of +/-$0.236 (+/-8.33%) up or down from last closing price. If MyMD Pharmaceuticals, Inc. takes out the full calculated possible swing range there will be an estimated 16.65% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.86 (0.70%) than the support at $2.75 (3.17%), 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 MyMD Pharmaceuticals, Inc. stock A Buy?
MyMD Pharmaceuticals, Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. 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 Hold/Accumulate candidate.
Current score: -0.016 Hold/Accumulate Downgraded
Predicted Opening Price for MyMD Pharmaceuticals, Inc. of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $2.82 ( 0.704%) | $2.84 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MYMD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.96 | 4.23 % | |
| R2 | 2.91 | 2.34 % | ||
| R1 | 2.87 | 1.18 % | ||
| Current price: | 2.84 | |||
| Support | S1 | 2.77 | -2.59 % | |
| S2 | 2.73 | -3.75 % | ||
| S3 | 2.68 | -5.63 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.27 | 15.14 % | |
| R2 | 3.15 | 10.92 % | ||
| R1 | 2.86 | 0.704 % | ||
| Current price | 2.84 | |||
| Support | S1 | 2.75 | -3.17% | |
| S2 | 2.62 | -7.75% | ||
| S3 | 2.57 | -9.51% |
FAQ
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