Skye Bioscience, Inc. Stock Forecast
Green day on Friday for Skye Bioscience, Inc.
(Updated on May 03, 2024)
The Skye Bioscience, Inc. stock price gained 0.231% on the last trading day (Friday, 3rd May 2024), rising from $12.99 to $13.02. During the last trading day the stock fluctuated 1.63% from a day low at $12.89 to a day high of $13.10. The price has fallen in 5 of the last 10 days and is down by -19.33% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 thousand more shares were traded than the day before. In total, 35 thousand shares were bought and sold for approximately $453.92 thousand.
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 $11.37 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 48.38% during the next 3 months and, with a 90% probability hold a price between $16.87 and $34.51 at the end of this 3-month period.
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SKYE Signals & Forecast
There are mixed signals in the stock today. The Skye Bioscience, Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $13.31. On a fall, the stock will find some support from the short-term average at $12.94. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Monday, March 04, 2024, and so far it has fallen -27.67%. 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). Skye Bioscience, 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.
Support, Risk & Stop-loss for Skye Bioscience, Inc. stock
Skye Bioscience, Inc. finds support from accumulated volume at $13.00 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 a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.210 between high and low, or 1.63%. For the last week, the stock has had daily average volatility of 3.70%.
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 Monday 6th
For the upcoming trading day on Monday, 6th we expect Skye Bioscience, Inc. to open at $13.00, and during the day (based on 14 day Average True Range), to move between $11.67 and $14.37, which gives a possible trading interval of +/-$1.35 (+/-10.41%) up or down from last closing price. If Skye Bioscience, Inc. takes out the full calculated possible swing range there will be an estimated 20.81% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $13.00 (0.15%) than the resistance at $14.03 (7.76%), 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?
Skye Bioscience, Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -3.873 Sell Candidate Unchanged
Predicted Opening Price for Skye Bioscience, Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $13.00 ( 0.128%) | $13.02 |
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 | 13.21 | 1.48 % | |
| R2 | 13.13 | 0.87 % | ||
| R1 | 13.08 | 0.488 % | ||
| Current price: | 13.02 | |||
| Support | S1 | 12.92 | -0.744 % | |
| S2 | 12.87 | -1.12 % | ||
| S3 | 12.79 | -1.74 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.81 | 13.75 % | |
| R2 | 14.50 | 11.37 % | ||
| R1 | 14.03 | 7.76 % | ||
| Current price | 13.02 | |||
| Support | S1 | 13.00 | -0.154% | |
| S2 | 12.85 | -1.31% | ||
| S3 | 10.00 | -23.20% |
FAQ
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