Pharmagreen Biotech Inc Stock Forecast
Volatile ride for Pharmagreen Biotech Inc stock price on Thursday moving between $0.0007 and $0.0008
(Updated on May 23, 2024)
The Pharmagreen Biotech Inc stock price fell by -5.41% on the last day (Thursday, 23rd May 2024) from $0.0007 to $0.0007. During the last trading day the stock fluctuated 14.29% from a day low at $0.0007 to a day high of $0.0008. The price has fallen in 5 of the last 10 days and is down by -25.53% for this period. Volume has increased on the last day by 238 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 785 thousand shares were bought and sold for approximately $549.22 .
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 9.30% during the next 3 months and, with a 90% probability hold a price between $0.0007 and $0.0011 at the end of this 3-month period.
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PHBI Signals & Forecast
There are few to no technical positive signals at the moment. The Pharmagreen Biotech Inc 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 $0.0008. On a fall, the stock will find some support from the short-term average at $0.0007. 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. A sell signal was issued from a pivot top point on Wednesday, May 22, 2024, and so far it has fallen -5.41%. 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). Pharmagreen Biotech Inc gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
A buy signal from a double bottom formation was found on Friday, May 17, 2024 and based on theory for this formation the price should go up by 57.14% to $0.0011 within 14 trading days since signal was issued (Friday, May 24, 2024).
Support, Risk & Stop-loss for Pharmagreen Biotech Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0007 and $0.0006. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0.0006 may give a huge drop in the stock price.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0001 between high and low, or 14.29%. For the last week, the stock has had daily average volatility of 14.00%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PHBI) For The Upcoming Trading Day Of Friday 24th
For the upcoming trading day on Friday, 24th we expect Pharmagreen Biotech Inc to open at $0.0007, and during the day (based on 14 day Average True Range), to move between $0.0006 and $0.0008, which gives a possible trading interval of +/-$0.0001 (+/-17.07%) up or down from last closing price. If Pharmagreen Biotech Inc takes out the full calculated possible swing range there will be an estimated 34.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0007 (5.71%) than the support at $0.0007 (7.14%), 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 Pharmagreen Biotech Inc stock A Buy?
The Pharmagreen Biotech Inc stock holds several negative signals and despite the positive trend, we believe Pharmagreen Biotech Inc will perform weakly in the next couple of days or weeks. Therefore, we 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: -4.829 Sell Candidate Downgraded
Predicted Opening Price for Pharmagreen Biotech Inc of Friday, May 24, 2024
| Fair opening price May 24, 2024 | Current price |
|---|---|
| $0.0007 ( 4.76%) | $0.0007 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PHBI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0008 | 19.05 % | |
| R2 | 0.0008 | 13.59 % | ||
| R1 | 0.0008 | 10.22 % | ||
| Current price: | 0.0007 | |||
| Support | S1 | 0.0007 | -0.695 % | |
| S2 | 0.0007 | -4.07 % | ||
| S3 | 0.0006 | -9.52 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0008 | 14.29 % | |
| R2 | 0.0008 | 7.14 % | ||
| R1 | 0.0007 | 5.71 % | ||
| Current price | 0.0007 | |||
| Support | S1 | 0.0007 | -7.14% | |
| S2 | 0.0006 | -14.29% | ||
| S3 | 0 | . |
FAQ
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