Oncolytics Biotech Inc. Stock Forecast
Green day on Friday for Oncolytics Biotech Inc.
(Updated on May 03, 2024)
The Oncolytics Biotech Inc. stock price gained 0.629% on the last trading day (Friday, 3rd May 2024), rising from $1.59 to $1.60. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.87% from a day low at $1.60 to a day high of $1.63. The price has risen in 8 of the last 10 days and is up by 11.11% 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, 8 thousand more shares were traded than the day before. In total, 33 thousand shares were bought and sold for approximately $53.05 thousand.
The stock lies in the upper part of a very wide and weak rising 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 $1.66 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 7.62% during the next 3 months and, with a 90% probability hold a price between $1.42 and $1.79 at the end of this 3-month period.
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ONC.TO Signals & Forecast
The Oncolytics Biotech 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 $1.53 and $1.47. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 04, 2024, and so far it has risen 29.03%. Further rise is indicated until a new top pivot has been found. Oncolytics Biotech 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).
Support, Risk & Stop-loss for Oncolytics Biotech Inc. stock
Oncolytics Biotech Inc. finds support from accumulated volume at $1.56 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0300 between high and low, or 1.87%. For the last week, the stock has had daily average volatility of 2.49%.
Our recommended stop-loss: $1.54 (-3.56%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 43 days ago.)
Trading Expectations (ONC.TO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Oncolytics Biotech Inc. to open at $1.61, and during the day (based on 14 day Average True Range), to move between $1.53 and $1.67, which gives a possible trading interval of +/-$0.0683 (+/-4.27%) up or down from last closing price. If Oncolytics Biotech Inc. takes out the full calculated possible swing range there will be an estimated 8.53% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $1.56, some $0.0400 (2.50%) from the current price of $1.60, our system finds the risk reward attractive.
Earnings coming up
Oncolytics Biotech Inc. will release earnings BMO on Thursday, May 09, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.110. We will update the financials statements for Oncolytics Biotech Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 9.78% in the first trading day after earnings release.
Is Oncolytics Biotech Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Oncolytics Biotech Inc. stock to perform well in the short-term.
Current score: 2.669 Buy Candidate Unchanged
Predicted Opening Price for Oncolytics Biotech Inc. of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
$1.61 ( 0.625%) | $1.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ONC.TO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.64 | 2.50 % | |
R2 | 1.63 | 1.78 % | ||
R1 | 1.62 | 1.34 % | ||
Current price: | 1.60 | |||
Support | S1 | 1.60 | -0.0913 % | |
S2 | 1.59 | -0.534 % | ||
S3 | 1.58 | -1.25 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 1.60 | |||
Support | S1 | 1.56 | -2.50% | |
S2 | 1.37 | -14.38% | ||
S3 | 1.21 | -24.38% |
FAQ
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