Spruce Biosciences, Inc. Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Strong day for Spruce Biosciences, Inc. stock price on Wednesday rising 5.75% to $0.85
(Updated on May 08, 2024)
The Spruce Biosciences, Inc. stock price gained 5.75% on the last trading day (Wednesday, 8th May 2024), rising from $0.800 to $0.85. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 7.98% from a day low at $0.784 to a day high of $0.85. The price has risen in 7 of the last 10 days and is up by 20.48% 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, 71 thousand more shares were traded than the day before. In total, 720 thousand shares were bought and sold for approximately $608.58 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Due to the high volatility and the trend direction we are not able to give forecast range for this stock. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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SPRB Signals & Forecast
The Spruce Biosciences, Inc. 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 $0.759 and $0.748. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 22.18%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Spruce Biosciences, 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 Spruce Biosciences, Inc. stock
Spruce Biosciences, Inc. finds support from accumulated volume at $0.81 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 $0.0626 between high and low, or 7.98%. For the last week, the stock has had daily average volatility of 5.77%.
The Spruce Biosciences, Inc. stock is extremely overbought on RSI14 (92). This increases the short-term risk substantially. Since the Spruce Biosciences, Inc. has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $0.82 (-3.16%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 92 and this increases the risk substantially. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (SPRB) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Spruce Biosciences, Inc. to open at $0.83, and during the day (based on 14 day Average True Range), to move between $0.762 and $0.93, which gives a possible trading interval of +/-$0.0835 (+/-9.88%) up or down from last closing price. If Spruce Biosciences, Inc. takes out the full calculated possible swing range there will be an estimated 19.76% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.85 (0.41%) than the support at $0.81 (4.13%), 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 Spruce Biosciences, Inc. stock A Buy?
Spruce Biosciences, Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Spruce Biosciences, Inc. of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $0.83 ( 2.37%) | $0.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPRB
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.89 | 5.03 % | |
| R2 | 0.86 | 2.20 % | ||
| R1 | 0.85 | 0.455 % | ||
| Current price: | 0.85 | |||
| Support | S1 | 0.80 | -5.20 % | |
| S2 | 0.787 | -6.95 % | ||
| S3 | 0.763 | -9.78 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0.85 | 0.414 % | ||
| Current price | 0.85 | |||
| Support | S1 | 0.81 | -4.13% | |
| S2 | 0.81 | -4.44% | ||
| S3 | 0.759 | -10.23% |
FAQ
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