Summit Therapeutics plc Stock Forecast
Volatile ride for Summit Therapeutics plc stock price on Wednesday moving between $3.90 and $4.99
(Updated on May 01, 2024)
The Summit Therapeutics plc stock price gained 19.59% on the last trading day (Wednesday, 1st May 2024), rising from $3.93 to $4.70. It has now gained 4 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 27.95% from a day low at $3.90 to a day high of $4.99. The price has been going up and down for this period, and there has been a 31.65% 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, 4 million more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately $25.20 million.
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 $4.51, a level that may pose a second chance to hit a runner. According to fan-theory $6.11 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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SMMT Signals & Forecast
The Summit Therapeutics plc 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 $3.89 and $3.85. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 25, 2024, and so far it has risen 43.29%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Summit Therapeutics plc stock
Summit Therapeutics plc finds support from accumulated volume at $4.62 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 $1.09 between high and low, or 27.95%. For the last week, the stock has had daily average volatility of 10.93%.
Our recommended stop-loss: $4.53 (-3.70%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (SMMT) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Summit Therapeutics plc to open at $4.53, and during the day (based on 14 day Average True Range), to move between $4.35 and $5.05, which gives a possible trading interval of +/-$0.347 (+/-7.39%) up or down from last closing price. If Summit Therapeutics plc takes out the full calculated possible swing range there will be an estimated 14.77% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.75 (1.06%) than the support at $4.62 (1.70%), 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.
Earnings coming up
Summit Therapeutics plc will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.0600. We will update the financials statements for Summit Therapeutics plc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 14.49% in the first trading day after earnings release.
Is Summit Therapeutics plc stock A Buy?
Summit Therapeutics plc holds several positive signals and the break up from the falling trend indicates a possible shift of trend as well. The trend doesn't have to go from falling to rising, it may as well go horizontal or even just decrease the earlier fall rate, but we find the risk-reward to be attractive and expect the stock to perform very well in the short term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.467 Strong Buy Candidate Upgraded
Predicted Opening Price for Summit Therapeutics plc of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $4.53 ( 3.62%) | $4.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SMMT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.62 | 19.57 % | |
| R2 | 5.20 | 10.72 % | ||
| R1 | 4.95 | 5.24 % | ||
| Current price: | 4.70 | |||
| Support | S1 | 4.11 | -12.48 % | |
| S2 | 3.86 | -17.95 % | ||
| S3 | 3.44 | -26.81 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.07 | 7.87 % | |
| R2 | 4.84 | 2.98 % | ||
| R1 | 4.75 | 1.06 % | ||
| Current price | 4.70 | |||
| Support | S1 | 4.62 | -1.70% | |
| S2 | 4.30 | -8.51% | ||
| S3 | 3.74 | -20.43% |
FAQ
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