Opthea Ltd Stock Forecast
Big movements in Opthea Ltd stock price on Monday moving 13.94% between high and low
(Updated on Jun 17, 2024)
The Opthea Ltd stock price fell by -3.33% on the last day (Monday, 17th Jun 2024) from $1.96 to $1.89. During the last trading day the stock fluctuated 13.94% from a day low at $1.82 to a day high of $2.07. The price has been going up and down for this period, and there has been a -28.95% loss for the last 2 weeks. 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 -71 thousand shares and in total, 25 thousand shares were bought and sold for approximately $46.62 thousand.
The stock has broken the very wide and falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point ($2.52) are considered to be a "second chance" to get out. According to the fan-theory $1.81 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
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OPT Signals & Forecast
There are few to no technical positive signals at the moment. The Opthea Ltd 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 $2.33 and $3.05. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 09, 2024, and so far it has fallen -50.27%. Further fall is indicated until a new bottom pivot has been found. 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Opthea Ltd stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $0.253 between high and low, or 13.94%. For the last week the stock has had daily average volatility of 11.71%.
Opthea Ltd is oversold on RSI14 (5). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OPT) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Opthea Ltd to open at $1.92, and during the day (based on 14 day Average True Range), to move between $1.68 and $2.10, which gives a possible trading interval of +/-$0.207 (+/-10.95%) up or down from last closing price. If Opthea Ltd takes out the full calculated possible swing range there will be an estimated 21.90% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $1.96, some $0.0651 (3.44%) from the current price of $1.89, our system finds the risk reward not very attractive.
Is Opthea Ltd stock A Buy?
Opthea Ltd 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Sell candidate.
Current score: -7.031 Strong Sell Candidate Downgraded
Predicted Opening Price for Opthea Ltd of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| $1.92 ( 1.82%) | $1.89 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OPT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.18 | 15.21% |
| R2 | 2.08 | 10.10% |
| R1 | 2.02 | 6.94% |
| Price | 1.89 | |
| S1 | 1.83 | -3.29% |
| S2 | 1.77 | -6.45% |
| S3 | 1.67 | -11.57% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 1.96 | 3.44% |
| Price | 1.89 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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