Verrica Pharmaceuticals Inc Stock Forecast
Stronger technical forecast for Verrica Pharmaceuticals Inc stock price after Tuesday trading.
(Updated on May 07, 2024)
The Verrica Pharmaceuticals Inc stock price gained 4.65% on the last trading day (Tuesday, 7th May 2024), rising from $7.31 to $7.65. 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 8.04% from a day low at $7.21 to a day high of $7.79. The price has been going up and down for this period, and there has been a 11.68% 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, 106 thousand more shares were traded than the day before. In total, 347 thousand shares were bought and sold for approximately $2.66 million.
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 42.62% during the next 3 months and, with a 90% probability hold a price between $8.68 and $11.53 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
VRCA Signals & Forecast
The Verrica Pharmaceuticals 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 $7.14 and $6.48. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 19, 2024, and so far it has risen 61.39%. 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 Verrica Pharmaceuticals Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $6.79 and $6.73. 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, Verrica Pharmaceuticals Inc finds support just below today's level at $6.79. If this is broken, then the next support from accumulated volume will be at $6.73 and $6.42.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.580 (8.04%) between high and low. For the last week, the stock has had daily average volatility of 6.08%.
Our recommended stop-loss: $7.36 (-3.76%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 34 days ago.)
Trading Expectations (VRCA) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Verrica Pharmaceuticals Inc to open at $7.55, and during the day (based on 14 day Average True Range), to move between $7.27 and $8.03, which gives a possible trading interval of +/-$0.378 (+/-4.94%) up or down from last closing price. If Verrica Pharmaceuticals Inc takes out the full calculated possible swing range there will be an estimated 9.88% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $6.79, some $0.86 (11.24%) from the current price of $7.65, our system finds the risk reward attractive.
Earnings coming up
Verrica Pharmaceuticals Inc will release earnings BMO on Tuesday, May 14, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.540. We will update the financials statements for Verrica Pharmaceuticals Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 11.20% in the first trading day after earnings release.
Is Verrica Pharmaceuticals Inc stock A Buy?
Verrica Pharmaceuticals Inc holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 6.391 Strong Buy Candidate Upgraded
Predicted Opening Price for Verrica Pharmaceuticals Inc of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $7.55 ( 1.31%) | $7.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for VRCA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.13 | 6.27 % | |
| R2 | 7.91 | 3.38 % | ||
| R1 | 7.77 | 1.59 % | ||
| Current price: | 7.65 | |||
| Support | S1 | 7.33 | -4.20 % | |
| S2 | 7.19 | -5.99 % | ||
| S3 | 6.97 | -8.89 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 7.65 | |||
| Support | S1 | 6.79 | -11.24% | |
| S2 | 6.73 | -12.03% | ||
| S3 | 6.42 | -16.08% |
FAQ
Click here for our free guide on how to buy Verrica Pharmaceuticals Inc Stock.
