Oncotelic Therapeutics, Inc. Stock Forecast
Weaker technical forecast for Oncotelic Therapeutics, Inc. as stock downgraded to Sell Candidate.
(Updated on May 31, 2024)
The Oncotelic Therapeutics, Inc. stock price fell by -4.87% on the last day (Friday, 31st May 2024) from $0.0390 to $0.0371. During the last trading day the stock fluctuated 5.12% from a day low at $0.0371 to a day high of $0.0390. The price has been going up and down for this period, and there has been a -1.07% 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 -57 thousand shares and in total, 56 thousand shares were bought and sold for approximately $2.06 thousand.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.45% during the next 3 months and, with a 90% probability hold a price between $0.0333 and $0.0406 at the end of this 3-month period.
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OTLC Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 3.06%. 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 Oncotelic Therapeutics, 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 $0.0372 and $0.0388. 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. The very low volume increases the risk and reduces the other technical signals issued.
A sell signal from a double top formation was found on Monday, April 29, 2024 and based on theory for this formation the price should fall by -14.52% to $0.0317 within 7 trading days since signal was issued (Monday, June 03, 2024).
Support, Risk & Stop-loss for Oncotelic Therapeutics, Inc. stock
Oncotelic Therapeutics, Inc. finds support from accumulated volume at $0.0370 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0019 between high and low, or 5.12%. For the last week the stock has had daily average volatility of 3.85%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (OTLC) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Oncotelic Therapeutics, Inc. to open at $0.0377, and during the day (based on 14 day Average True Range), to move between $0.0347 and $0.0395, which gives a possible trading interval of +/-$0.0024 (+/-6.43%) up or down from last closing price. If Oncotelic Therapeutics, Inc. takes out the full calculated possible swing range there will be an estimated 12.86% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0370 (0.27%) than the resistance at $0.0410 (10.51%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Oncotelic Therapeutics, Inc. stock A Buy?
Oncotelic Therapeutics, Inc. holds several negative signals and is within a 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 Sell candidate.
Current score: -2.520 Sell Candidate Downgraded
Predicted Opening Price for Oncotelic Therapeutics, Inc. of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $0.0377 ( 1.71%) | $0.0371 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OTLC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0396 | 6.83 % | |
| R2 | 0.0389 | 4.87 % | ||
| R1 | 0.0385 | 3.66 % | ||
| Current price: | 0.0371 | |||
| Support | S1 | 0.0370 | -0.249 % | |
| S2 | 0.0366 | -1.46 % | ||
| S3 | 0.0358 | -3.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0420 | 13.21 % | |
| R2 | 0.0416 | 11.99 % | ||
| R1 | 0.0410 | 10.51 % | ||
| Current price | 0.0371 | |||
| Support | S1 | 0.0370 | -0.270% | |
| S2 | 0.0366 | -1.35% | ||
| S3 | 0.0350 | -5.69% |
FAQ
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