Rockwell Medical Stock Forecast
Rockwell Medical stock upgraded to Buy Candidate.
(Updated on May 03, 2024)
The Rockwell Medical stock price fell by -3.07% on the last day (Friday, 3rd May 2024) from $1.63 to $1.58. During the last trading day the stock fluctuated 9.55% from a day low at $1.57 to a day high of $1.72. The price has risen in 6 of the last 10 days and is up by 8.97% over the past 2 weeks. Volume has increased on the last day by 24 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, 75 thousand shares were bought and sold for approximately $118.50 thousand.
The stock lies in the middle of a very wide and strong 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 19.39% during the next 3 months and, with a 90% probability hold a price between $1.76 and $2.21 at the end of this 3-month period.
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RMTI Signals & Forecast
The Rockwell Medical 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 $1.52 and $1.56. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Friday, March 22, 2024, and so far it has fallen -7.60%. Further fall is indicated until a new bottom pivot has been found. Rockwell Medical 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".
Support, Risk & Stop-loss for Rockwell Medical stock
Rockwell Medical finds support from accumulated volume at $1.52 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 $0.150 between high and low, or 9.55%. For the last week, the stock has had daily average volatility of 6.92%.
Our recommended stop-loss: $1.51 (-4.27%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 29 days ago.)
Trading Expectations (RMTI) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Rockwell Medical to open at $1.62, and during the day (based on 14 day Average True Range), to move between $1.48 and $1.68, which gives a possible trading interval of +/-$0.101 (+/-6.41%) up or down from last closing price. If Rockwell Medical takes out the full calculated possible swing range there will be an estimated 12.83% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1.62 (2.53%) than the support at $1.52 (3.80%), 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 Rockwell Medical stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Rockwell Medical stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.047 Buy Candidate Upgraded
Predicted Opening Price for Rockwell Medical of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
$1.62 ( 2.74%) | $1.58 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RMTI
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.77 | 12.24 % | |
R2 | 1.72 | 8.61 % | ||
R1 | 1.68 | 6.37 % | ||
Current price: | 1.58 | |||
Support | S1 | 1.57 | -0.88 % | |
S2 | 1.53 | -3.12 % | ||
S3 | 1.47 | -6.75 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.71 | 8.23 % | |
R2 | 1.65 | 4.43 % | ||
R1 | 1.62 | 2.53 % | ||
Current price | 1.58 | |||
Support | S1 | 1.52 | -3.80% | |
S2 | 1.48 | -6.33% | ||
S3 | 1.29 | -18.35% |
FAQ
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