Tenaya Therapeutics, Inc. Stock Forecast
Tenaya Therapeutics, Inc. stock upgraded to Buy Candidate.
(Updated on May 01, 2024)
The Tenaya Therapeutics, Inc. stock price gained 3.08% on the last trading day (Wednesday, 1st May 2024), rising from $4.54 to $4.68. During the last trading day the stock fluctuated 7.61% from a day low at $4.47 to a day high of $4.81. The price has risen in 6 of the last 10 days and is up by 8.84% over the past 2 weeks. Volume fell on the last day by -11 thousand shares and in total, 153 thousand shares were bought and sold for approximately $715.94 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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. Given the current short-term trend, the stock is expected to fall -18.04% during the next 3 months and, with a 90% probability hold a price between $3.39 and $4.87 at the end of this 3-month period.
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TNYA Signals & Forecast
The Tenaya Therapeutics, 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 $4.45 and $4.65. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 10.90%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Tenaya Therapeutics, Inc. stock
Tenaya Therapeutics, Inc. finds support from accumulated volume at $4.59 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.340 between high and low, or 7.61%. For the last week the stock has had daily average volatility of 6.10%.
Our recommended stop-loss: $4.52 (-3.50%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (TNYA) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Tenaya Therapeutics, Inc. to open at $4.65, and during the day (based on 14 day Average True Range), to move between $4.36 and $5.00, which gives a possible trading interval of +/-$0.320 (+/-6.83%) up or down from last closing price. If Tenaya Therapeutics, Inc. takes out the full calculated possible swing range there will be an estimated 13.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.77 (1.92%) than the support at $4.59 (1.92%), 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
Tenaya Therapeutics, Inc. will release earnings BMO on Wednesday, May 08, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.430. We will update the financials statements for Tenaya Therapeutics, Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 11.23% in the first trading day after earnings release.
Is Tenaya Therapeutics, Inc. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.076 Buy Candidate Upgraded
Predicted Opening Price for Tenaya Therapeutics, Inc. of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $4.65 ( 0.570%) | $4.68 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TNYA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.99 | 6.70 % | |
| R2 | 4.86 | 3.92 % | ||
| R1 | 4.78 | 2.21 % | ||
| Current price: | 4.68 | |||
| Support | S1 | 4.52 | -3.35 % | |
| S2 | 4.44 | -5.06 % | ||
| S3 | 4.31 | -7.83 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.30 | 13.25 % | |
| R2 | 5.13 | 9.62 % | ||
| R1 | 4.77 | 1.92 % | ||
| Current price | 4.68 | |||
| Support | S1 | 4.59 | -1.92% | |
| S2 | 4.53 | -3.21% | ||
| S3 | 4.48 | -4.27% |
FAQ
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