Psychemedics Corporation Stock Forecast

Volatile ride for Psychemedics Corporation stock price on Friday moving between $0.0008 and $0.0009
(Updated on Apr 26, 2024)

PSYC Signals & Forecast

There are few to no technical positive signals at the moment. The Psychemedics Corporation 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 $0.0010 and $0.0013. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, February 27, 2024, and so far it has fallen -78.57%. 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 on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Psychemedics Corporation stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.0008. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the stock price.

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 $0.0001 between high and low, or 12.50%. For the last week the stock has had daily average volatility of 11.27%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (PSYC) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect Psychemedics Corporation to open at $0.0009, and during the day (based on 14 day Average True Range), to move between $0.0007 and $0.0011, which gives a possible trading interval of +/-$0.0002 (+/-22.78%) up or down from last closing price. If Psychemedics Corporation takes out the full calculated possible swing range there will be an estimated 45.56% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0010 (11.11%) than the support at $0.0008 (16.67%), 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 Psychemedics Corporation stock A Buy?

Psychemedics Corporation 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.

Current score: -6.317 Strong Sell Candidate Unchanged

Predicted Opening Price for Psychemedics Corporation of Monday, April 29, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.