Velan Inc. Stock Forecast
Velan Inc. stock downgraded from Buy Candidate to Sell Candidate after Tuesday trading session.
(Updated on Apr 23, 2024)
The Velan Inc. stock price fell by -3.78% on the last day (Tuesday, 23rd Apr 2024) from $5.82 to $5.60. During the last trading day the stock fluctuated 4.82% from a day low at $5.60 to a day high of $5.87. The price has fallen in 6 of the last 10 days and is down by -8.35% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -5 thousand shares and in total, 3 thousand shares were bought and sold for approximately $16.24 thousand.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $5.45 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 15.44% during the next 3 months and, with a 90% probability hold a price between $6.29 and $7.53 at the end of this 3-month period.
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VLN.TO Signals & Forecast
There are few to no technical positive signals at the moment. The Velan Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $5.80 and $5.61. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -11.53%. 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). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Velan Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $5.28 and $5.14. 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, Velan Inc. finds support just below today's level at $5.28. If this is broken, then the next support from accumulated volume will be at $5.14 and $5.12.
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 $0.270 between high and low, or 4.82%. For the last week the stock has had daily average volatility of 2.55%.
Velan Inc. is oversold on RSI14 (21). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (VLN.TO) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Velan Inc. to open at $5.69, and during the day (based on 14 day Average True Range), to move between $5.44 and $5.76, which gives a possible trading interval of +/-$0.161 (+/-2.88%) up or down from last closing price. If Velan Inc. takes out the full calculated possible swing range there will be an estimated 5.76% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $5.85 (4.46%) than the support at $5.28 (5.71%), 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 Velan Inc. stock A Buy?
The Velan Inc. stock holds several negative signals and despite the positive trend, we believe Velan Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. 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 Sell candidate.
Current score: -3.719 Sell Candidate Downgraded
Predicted Opening Price for Velan Inc. of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $5.69 ( 1.61%) | $5.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for VLN.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.96 | 6.43 % | |
| R2 | 5.86 | 4.59 % | ||
| R1 | 5.79 | 3.45 % | ||
| Current price: | 5.60 | |||
| Support | S1 | 5.59 | -0.235 % | |
| S2 | 5.52 | -1.37 % | ||
| S3 | 5.42 | -3.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.30 | 12.50 % | |
| R2 | 6.19 | 10.54 % | ||
| R1 | 5.85 | 4.46 % | ||
| Current price | 5.60 | |||
| Support | S1 | 5.28 | -5.71% | |
| S2 | 5.14 | -8.21% | ||
| S3 | 5.12 | -8.57% |
VLN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 17, 2023 | Jun 15, 2023 | Jun 30, 2023 | $0.0300 | 0.235% |
| 2 | May 18, 2022 | Jun 16, 2022 | Jun 30, 2022 | $0.0300 | 0.361% |
| 3 | Jan 09, 2020 | Mar 11, 2020 | Mar 27, 2020 | $0.0300 | 0.667% |
| 4 | Oct 10, 2019 | Dec 11, 2019 | Dec 27, 2019 | $0.0300 | 0.375% |
| 5 | Jul 11, 2019 | Sep 12, 2019 | Sep 30, 2019 | $0.0300 | 0.436% |
FAQ
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