Ovoca Bio Plc Stock Forecast
Big movements in Ovoca Bio Plc stock price on Monday moving 15.74% between high and low
(Updated on May 20, 2024)
No changes to the price of Ovoca Bio Plc stock on the last trading day (Monday, 20th May 2024). During the last trading day the stock fluctuated 15.74% from a day low at £0.760 to a day high of £0.88. The price has been going up and down for this period, and there has been a 6.67% gain for the last 2 weeks.
The stock lies the upper part of a very wide and falling 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 £0.82 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -15.99% during the next 3 months and, with a 90% probability hold a price between £0.403 and £0.687 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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OVB.L Signals & Forecast
The Ovoca Bio Plc 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 £0.789 and £0.723. A breakdown below any of these levels will issue sell signals. Volume gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point". 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. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -3.03%. 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).
Support, Risk & Stop-loss for Ovoca Bio Plc stock
On the downside, the stock finds support just below today's level from accumulated volume at £0.750 and £0.700. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Ovoca Bio Plc finds support just below today's level at £0.750. If this is broken, then the next support from accumulated volume will be at £0.700 and £0.663.
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 £0.120 between high and low, or 15.74%. For the last week, the stock has had daily average volatility of 8.64%.
Our recommended stop-loss: £0.760 (-5.03%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (OVB.L) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Ovoca Bio Plc to open at £0.81, and during the day (based on 14 day Average True Range), to move between £0.715 and £0.89, which gives a possible trading interval of +/-£0.0851 (+/-10.64%) up or down from last closing price. If Ovoca Bio Plc takes out the full calculated possible swing range there will be an estimated 21.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £0.83 (3.12%) than the support at £0.750 (6.25%), 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 Ovoca Bio Plc stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 1.121 Buy Candidate Unchanged
Predicted Opening Price for Ovoca Bio Plc of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| £0.81 ( 1.65%) | £0.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OVB.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.93 | 16.60 % | |
| R2 | 0.89 | 10.89 % | ||
| R1 | 0.86 | 7.36 % | ||
| Current price: | 0.80 | |||
| Support | S1 | 0.768 | -4.06 % | |
| S2 | 0.739 | -7.59 % | ||
| S3 | 0.694 | -13.30 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.95 | 18.75 % | |
| R2 | 0.90 | 12.50 % | ||
| R1 | 0.83 | 3.12 % | ||
| Current price | 0.80 | |||
| Support | S1 | 0.750 | -6.25% | |
| S2 | 0.700 | -12.50% | ||
| S3 | 0.663 | -17.11% |
FAQ
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