NovaBay Pharmaceuticals, Inc Stock Forecast
High volatility in NovaBay Pharmaceuticals, Inc stock price on Friday which ended trading at $0.0824
(Updated on Apr 19, 2024)
The NovaBay Pharmaceuticals, Inc stock price fell by -1.90% on the last day (Friday, 19th Apr 2024) from $0.0840 to $0.0824. During the last trading day the stock fluctuated 10.68% from a day low at $0.0777 to a day high of $0.0860. The price has fallen in 6 of the last 10 days and is down by -18.5% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -2 million shares and in total, 2 million shares were bought and sold for approximately $132.31 thousand.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.0757 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -40.42% during the next 3 months and, with a 90% probability hold a price between $0.0451 and $0.0698 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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NBY Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 3.65%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The NovaBay Pharmaceuticals, Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.0843 and $0.118. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for NovaBay Pharmaceuticals, Inc stock
NovaBay Pharmaceuticals, Inc finds support from accumulated volume at $0.0815 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 very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0083 between high and low, or 10.68%. For the last week the stock has had daily average volatility of 14.69%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NBY) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect NovaBay Pharmaceuticals, Inc to open at $0.0820, and during the day (based on 14 day Average True Range), to move between $0.0717 and $0.0931, which gives a possible trading interval of +/-$0.0107 (+/-12.94%) up or down from last closing price. If NovaBay Pharmaceuticals, Inc takes out the full calculated possible swing range there will be an estimated 25.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0829 (0.61%) than the support at $0.0815 (1.09%), 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 NovaBay Pharmaceuticals, Inc stock A Buy?
NovaBay Pharmaceuticals, Inc holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -3.870 Sell Candidate Unchanged
Predicted Opening Price for NovaBay Pharmaceuticals, Inc of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $0.0820 ( 0.445%) | $0.0824 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NBY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0903 | 9.63 % | |
| R2 | 0.0872 | 5.78 % | ||
| R1 | 0.0852 | 3.40 % | ||
| Current price: | 0.0824 | |||
| Support | S1 | 0.0789 | -4.29 % | |
| S2 | 0.0769 | -6.67 % | ||
| S3 | 0.0737 | -10.52 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0869 | 5.46 % | |
| R2 | 0.0840 | 1.94 % | ||
| R1 | 0.0829 | 0.607 % | ||
| Current price | 0.0824 | |||
| Support | S1 | 0.0815 | -1.09% | |
| S2 | 0.0795 | -3.52% | ||
| S3 | 0 | . |
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