Renovaro Biosciences Inc. Stock Forecast
Renovaro Biosciences Inc. stock upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.
(Updated on Jun 25, 2024)
The Renovaro Biosciences Inc. stock price gained 1.26% on the last trading day (Tuesday, 25th Jun 2024), rising from $1.59 to $1.61. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 9.19% from a day low at $1.50 to a day high of $1.64. The price has been going up and down for this period, and there has been a 8.05% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 130 thousand more shares were traded than the day before. In total, 519 thousand shares were bought and sold for approximately $835.49 thousand.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $1.49, a level that may pose a second chance to hit a runner. According to fan-theory $2.72 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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RENB Signals & Forecast
The Renovaro Biosciences Inc. 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 $1.56 and $1.34. A breakdown below any of these levels will issue sell signals. Renovaro Biosciences Inc. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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 Friday, June 14, 2024, and so far it has fallen -1.83%. 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 Renovaro Biosciences Inc. stock
Renovaro Biosciences Inc. finds support from accumulated volume at $1.57 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.138 between high and low, or 9.19%. For the last week, the stock has had daily average volatility of 18.13%.
Our recommended stop-loss: $1.54 (-4.06%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 26 days ago.)
Trading Expectations (RENB) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Renovaro Biosciences Inc. to open at $1.58, and during the day (based on 14 day Average True Range), to move between $1.35 and $1.87, which gives a possible trading interval of +/-$0.265 (+/-16.44%) up or down from last closing price. If Renovaro Biosciences Inc. takes out the full calculated possible swing range there will be an estimated 32.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.64 (1.86%) than the support at $1.57 (2.48%), 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 Renovaro Biosciences Inc. stock A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.610 Buy Candidate Upgraded
Predicted Opening Price for Renovaro Biosciences Inc. of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $1.58 ( 1.61%) | $1.61 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RENB
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.72 | 6.96% |
| R2 | 1.67 | 3.68% |
| R1 | 1.64 | 1.66% |
| Price | 1.61 | |
| S1 | 1.53 | -4.89% |
| S2 | 1.50 | -6.91% |
| S3 | 1.45 | -10.19% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.97 | 22.36% |
| R2 | 1.70 | 5.59% |
| R1 | 1.64 | 1.86% |
| Price | 1.61 | |
| S1 | 1.57 | -2.48% |
| S2 | 1.49 | -7.45% |
| S3 | 1.32 | -18.01% |
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