Quoin Pharmaceuticals, Ltd. Stock Forecast
Stronger technical forecast for Quoin Pharmaceuticals, Ltd. stock price after Wednesday trading.
(Updated on May 08, 2024)
The Quoin Pharmaceuticals, Ltd. stock price gained 4.89% on the last trading day (Wednesday, 8th May 2024), rising from $0.753 to $0.790. During the last trading day the stock fluctuated 4.14% from a day low at $0.759 to a day high of $0.790. The price has risen in 8 of the last 10 days and is up by 24.96% over the past 2 weeks. Volume fell on the last day by -12 thousand shares and in total, 26 thousand shares were bought and sold for approximately $20.64 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 $0.96 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Due to the high volatility and the trend direction we are not able to give forecast range for this stock. 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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QNRX Signals & Forecast
The Quoin Pharmaceuticals, Ltd. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.745 and $0.775. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 25.38%. Further rise is indicated until a new top pivot has been found. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Quoin Pharmaceuticals, Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.685 and $0.660. 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, Quoin Pharmaceuticals, Ltd. finds support just below today's level at $0.685. If this is broken, then the next support from accumulated volume will be at $0.660 and $0.630.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0314 between high and low, or 4.14%. For the last week the stock has had daily average volatility of 5.90%.
Our recommended stop-loss: $0.764 (-3.28%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (QNRX) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Quoin Pharmaceuticals, Ltd. to open at $0.780, and during the day (based on 14 day Average True Range), to move between $0.721 and $0.86, which gives a possible trading interval of +/-$0.0691 (+/-8.75%) up or down from last closing price. If Quoin Pharmaceuticals, Ltd. takes out the full calculated possible swing range there will be an estimated 17.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.685 (13.27%) than the resistance at $0.90 (13.94%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Quoin Pharmaceuticals, Ltd. will release earnings BMO on Thursday, May 09, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.760. We will update the financials statements for Quoin Pharmaceuticals, Ltd., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 13.00% in the first trading day after earnings release.
Is Quoin Pharmaceuticals, Ltd. 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.714 Buy Candidate Upgraded
Predicted Opening Price for Quoin Pharmaceuticals, Ltd. of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $0.780 ( 1.32%) | $0.790 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for QNRX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.81 | 2.66 % | |
| R2 | 0.799 | 1.14 % | ||
| R1 | 0.791 | 0.202 % | ||
| Current price: | 0.790 | |||
| Support | S1 | 0.768 | -2.84 % | |
| S2 | 0.760 | -3.77 % | ||
| S3 | 0.748 | -5.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.96 | 21.15 % | |
| R2 | 0.91 | 15.20 % | ||
| R1 | 0.90 | 13.94 % | ||
| Current price | 0.790 | |||
| Support | S1 | 0.685 | -13.27% | |
| S2 | 0.660 | -16.45% | ||
| S3 | 0.630 | -20.24% |
FAQ
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