Sonnet Biotherapeutics Holdings Inc. Stock Forecast
On Wednesday, Sonnet Biotherapeutics Holdings Inc. stock price gained an impressive 5.08%
(Updated on May 01, 2024)
The Sonnet Biotherapeutics Holdings Inc. stock price gained 5.08% on the last trading day (Wednesday, 1st May 2024), rising from $1.77 to $1.86. During the last trading day the stock fluctuated 8.61% from a day low at $1.74 to a day high of $1.89. The price has risen in 7 of the last 10 days and is up by 9.41% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 24 thousand more shares were traded than the day before. In total, 31 thousand shares were bought and sold for approximately $58.10 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 14.83% during the next 3 months and, with a 90% probability hold a price between $1.93 and $2.78 at the end of this 3-month period.
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SONN Signals & Forecast
There are mixed signals in the stock today. The Sonnet Biotherapeutics Holdings 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 $1.91. On a fall, the stock will find some support from the short-term average at $1.80. 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 18, 2024, and so far it has fallen -17.70%. 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). Sonnet Biotherapeutics Holdings 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Sonnet Biotherapeutics Holdings Inc. stock
Sonnet Biotherapeutics Holdings Inc. finds support from accumulated volume at $1.81 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.150 between high and low, or 8.61%. For the last week, the stock has had daily average volatility of 4.25%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SONN) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Sonnet Biotherapeutics Holdings Inc. to open at $1.83, and during the day (based on 14 day Average True Range), to move between $1.73 and $1.99, which gives a possible trading interval of +/-$0.126 (+/-6.76%) up or down from last closing price. If Sonnet Biotherapeutics Holdings Inc. takes out the full calculated possible swing range there will be an estimated 13.53% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.81 (2.69%) than the resistance at $1.97 (5.91%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Sonnet Biotherapeutics Holdings Inc. will release earnings BMO on Wednesday, May 08, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.130. We will update the financials statements for Sonnet Biotherapeutics Holdings Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 14.20% in the first trading day after earnings release.
Is Sonnet Biotherapeutics Holdings Inc. stock A Buy?
Sonnet Biotherapeutics Holdings 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: -1.822 Sell Candidate Unchanged
Predicted Opening Price for Sonnet Biotherapeutics Holdings Inc. of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $1.83 ( 1.61%) | $1.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SONN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.98 | 6.44 % | |
| R2 | 1.92 | 3.37 % | ||
| R1 | 1.89 | 1.46 % | ||
| Current price: | 1.86 | |||
| Support | S1 | 1.77 | -4.69 % | |
| S2 | 1.74 | -6.60 % | ||
| S3 | 1.68 | -9.67 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.26 | 21.51 % | |
| R2 | 2.07 | 11.29 % | ||
| R1 | 1.97 | 5.91 % | ||
| Current price | 1.86 | |||
| Support | S1 | 1.81 | -2.69% | |
| S2 | 1.80 | -3.23% | ||
| S3 | 1.55 | -16.94% |
FAQ
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