NovoCure Limited Stock Forecast
Volatile ride for NovoCure Limited stock price on Wednesday moving between $12.92 and $15.49
(Updated on Mar 27, 2024)
The NovoCure Limited stock price gained 12.01% on the last trading day (Wednesday, 27th Mar 2024), rising from $13.07 to $14.64. During the last trading day the stock fluctuated 19.89% from a day low at $12.92 to a day high of $15.49. The price has fallen in 7 of the last 10 days and is down by -1.21% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 11 million more shares were traded than the day before. In total, 12 million shares were bought and sold for approximately $174.47 million.
The stock lies in the middle of a very wide and weak 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 5.72% during the next 3 months and, with a 90% probability hold a price between $13.83 and $18.51 at the end of this 3-month period.
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NVCR Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, March 26, 2024, and so far it has risen 12.01%. 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. The NovoCure Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $15.18. On a fall, the stock will find some support from the short-term average at $13.61. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for NovoCure Limited stock
NovoCure Limited finds support from accumulated volume at $14.50 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 $2.57 between high and low, or 19.89%. For the last week, the stock has had daily average volatility of 7.93%.
Our recommended stop-loss: $14.00 (-4.40%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (NVCR) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect NovoCure Limited to open at $14.35, and during the day (based on 14 day Average True Range), to move between $13.71 and $15.57, which gives a possible trading interval of +/-$0.93 (+/-6.37%) up or down from last closing price. If NovoCure Limited takes out the full calculated possible swing range there will be an estimated 12.74% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $14.50 (0.96%) than the resistance at $15.31 (4.58%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is NovoCure Limited stock A Buy?
NovoCure Limited 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.915 Hold/Accumulate Upgraded
Predicted Opening Price for NovoCure Limited of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$14.35 ( 1.98%) | $14.64 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NVCR
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 16.92 | 15.57 % | |
R2 | 15.94 | 8.87 % | ||
R1 | 15.33 | 4.73 % | ||
Current price: | 14.64 | |||
Support | S1 | 13.37 | -8.69 % | |
S2 | 12.76 | -12.83 % | ||
S3 | 11.78 | -19.54 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 15.78 | 7.79 % | |
R2 | 15.62 | 6.69 % | ||
R1 | 15.31 | 4.58 % | ||
Current price | 14.64 | |||
Support | S1 | 14.50 | -0.96% | |
S2 | 13.98 | -4.51% | ||
S3 | 13.54 | -7.51% |
FAQ
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