Skye Bioscience, Inc. Stock Forecast
A very red day for Skye Bioscience, Inc. stock price after a -8.41% fall in the Wednesday trading session
(Updated on Apr 24, 2024)
The Skye Bioscience, Inc. stock price fell by -8.41% on the last day (Wednesday, 24th Apr 2024) from $14.03 to $12.85. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 8.66% from a day low at $12.70 to a day high of $13.80. The price has fallen in 6 of the last 10 days but is still up by 0.31% 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 -28 thousand shares and in total, 109 thousand shares were bought and sold for approximately $1.40 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $11.25 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 89.53% during the next 3 months and, with a 90% probability hold a price between $21.32 and $47.01 at the end of this 3-month period.
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SKYE 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 Skye Bioscience, Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $15.49 and $13.24. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 04, 2024, and so far it has fallen -28.61%. 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.
Support, Risk & Stop-loss for Skye Bioscience, Inc. stock
Skye Bioscience, Inc. finds support from accumulated volume at $12.81 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 $1.10 between high and low, or 8.66%. For the last week the stock has had daily average volatility of 12.65%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SKYE) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Skye Bioscience, Inc. to open at $13.12, and during the day (based on 14 day Average True Range), to move between $10.90 and $14.80, which gives a possible trading interval of +/-$1.95 (+/-15.21%) up or down from last closing price. If Skye Bioscience, Inc. takes out the full calculated possible swing range there will be an estimated 30.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $12.81 (0.31%) than the resistance at $14.03 (9.18%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Skye Bioscience, Inc. stock A Buy?
The Skye Bioscience, Inc. stock holds several negative signals and despite the positive trend, we believe Skye Bioscience, Inc. will perform weakly in the next couple of days or weeks. Therefore, we 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 Hold/Accumulate to a Sell candidate.
Current score: -3.247 Sell Candidate Downgraded
Predicted Opening Price for Skye Bioscience, Inc. of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $13.12 ( 2.07%) | $12.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SKYE
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.22 | 10.63 % | |
| R2 | 13.80 | 7.36 % | ||
| R1 | 13.54 | 5.34 % | ||
| Current price: | 12.85 | |||
| Support | S1 | 12.70 | -1.19 % | |
| S2 | 12.44 | -3.21 % | ||
| S3 | 12.02 | -6.48 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.81 | 15.25 % | |
| R2 | 14.50 | 12.84 % | ||
| R1 | 14.03 | 9.18 % | ||
| Current price | 12.85 | |||
| Support | S1 | 12.81 | -0.311% | |
| S2 | 11.08 | -13.77% | ||
| S3 | 10.00 | -22.18% |
FAQ
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