Purple Biotech Ltd. Stock Forecast
Evaluation of Purple Biotech Ltd. stock downgraded after the last trading session.
(Updated on May 07, 2024)
The Purple Biotech Ltd. stock price fell by -2.93% on the last day (Tuesday, 7th May 2024) from $0.525 to $0.510. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 5.88% from a day low at $0.510 to a day high of $0.540. The price has risen in 6 of the last 10 days and is up by 4.08% over the past 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 -67 thousand shares and in total, 38 thousand shares were bought and sold for approximately $19.39 thousand.
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 $0.525 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 -38.42% during the next 3 months and, with a 90% probability hold a price between $0.204 and $0.323 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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PPBT Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Purple Biotech 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 $0.523 and $0.586. 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 02, 2024, and so far it has fallen -5.73%. Further fall is indicated until a new bottom pivot has been found. 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 Purple Biotech Ltd. stock
Purple Biotech Ltd. finds support from accumulated volume at $0.490 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.0300 between high and low, or 5.88%. For the last week the stock has had daily average volatility of 10.46%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PPBT) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Purple Biotech Ltd. to open at $0.520, and during the day (based on 14 day Average True Range), to move between $0.442 and $0.578, which gives a possible trading interval of +/-$0.0676 (+/-13.26%) up or down from last closing price. If Purple Biotech Ltd. takes out the full calculated possible swing range there will be an estimated 26.53% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.510 (0.02%) than the support at $0.490 (3.92%), 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 Purple Biotech Ltd. stock A Buy?
Purple Biotech 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 Sell to a Strong Sell candidate.
Current score: -5.722 Strong Sell Candidate Downgraded
Predicted Opening Price for Purple Biotech Ltd. of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $0.520 ( 1.96%) | $0.510 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PPBT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.550 | 7.84 % | |
| R2 | 0.539 | 5.60 % | ||
| R1 | 0.531 | 4.21 % | ||
| Current price: | 0.510 | |||
| Support | S1 | 0.509 | -0.286 % | |
| S2 | 0.501 | -1.67 % | ||
| S3 | 0.490 | -3.92 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.516 | 1.18 % | |
| R2 | 0.513 | 0.529 % | ||
| R1 | 0.510 | 0.0196 % | ||
| Current price | 0.510 | |||
| Support | S1 | 0.490 | -3.92% | |
| S2 | 0.434 | -14.84% | ||
| S3 | 0.412 | -19.20% |
FAQ
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