Sutro Biopharma Inc. Stock Forecast
High volatility in Sutro Biopharma Inc. stock price on Thursday which ended trading at $5.65
(Updated on Mar 28, 2024)
The Sutro Biopharma Inc. stock price gained 14.60% on the last trading day (Thursday, 28th Mar 2024), rising from $4.93 to $5.65. It has now gained 3 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 23.34% from a day low at $4.97 to a day high of $6.13. The price has been going up and down for this period, and there has been a 40.9% 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, 1 million more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $17.65 million.
The stock has broken the very wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $5.28 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $7.29 sometime during the next 3 months.
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STRO Signals & Forecast
The Sutro Biopharma Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $4.05 and $4.47. 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 72.78%. 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 Sutro Biopharma Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $4.93 and $4.81. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Sutro Biopharma Inc. finds support just below today's level at $4.93. If this is broken, then the next support from accumulated volume will be at $4.81 and $4.46.
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 $1.16 between high and low, or 23.34%. For the last week, the stock has had daily average volatility of 15.05%.
Our recommended stop-loss: $5.44 (-3.78%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (STRO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Sutro Biopharma Inc. to open at $5.58, and during the day (based on 14 day Average True Range), to move between $5.20 and $6.10, which gives a possible trading interval of +/-$0.451 (+/-7.98%) up or down from last closing price. If Sutro Biopharma Inc. takes out the full calculated possible swing range there will be an estimated 15.97% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $4.93, some $0.720 (12.74%) from the current price of $5.65, our system finds the risk reward attractive.
Is Sutro Biopharma Inc. stock A Buy?
Sutro Biopharma 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
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 Sutro Biopharma Inc. of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$5.58 ( 1.18%) | $5.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for STRO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 6.74 | 19.35 % | |
R2 | 6.30 | 11.51 % | ||
R1 | 6.03 | 6.66 % | ||
Current price: | 5.65 | |||
Support | S1 | 5.14 | -9.02 % | |
S2 | 4.87 | -13.87 % | ||
S3 | 4.42 | -21.71 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 5.65 | |||
Support | S1 | 4.93 | -12.74% | |
S2 | 4.81 | -14.87% | ||
S3 | 4.46 | -21.06% |
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