Zymeworks Inc Stock Forecast
Zymeworks Inc stock upgraded to Sell Candidate.
(Updated on Apr 19, 2024)
The Zymeworks Inc stock price gained 2.08% on the last trading day (Friday, 19th Apr 2024), rising from $8.67 to $8.85. During the last trading day the stock fluctuated 3.82% from a day low at $8.65 to a day high of $8.98. The price has fallen in 8 of the last 10 days and is down by -8.29% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 151 thousand more shares were traded than the day before. In total, 537 thousand shares were bought and sold for approximately $4.75 million.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $8.64 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -15.41% during the next 3 months and, with a 90% probability hold a price between $7.30 and $9.84 at the end of this 3-month period.
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ZYME Signals & Forecast
There are mixed signals in the stock today. The Zymeworks Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $9.00 and $10.29. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 2.08%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Zymeworks Inc stock
Zymeworks Inc finds support from accumulated volume at $8.67 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.330 between high and low, or 3.82%. For the last week, the stock has had daily average volatility of 3.61%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ZYME) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Zymeworks Inc to open at $8.83, and during the day (based on 14 day Average True Range), to move between $8.44 and $9.26, which gives a possible trading interval of +/-$0.409 (+/-4.63%) up or down from last closing price. If Zymeworks Inc takes out the full calculated possible swing range there will be an estimated 9.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $8.67 (2.03%) than the resistance at $9.36 (5.76%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Zymeworks Inc stock A Buy?
Zymeworks Inc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -2.327 Sell Candidate Upgraded
Predicted Opening Price for Zymeworks Inc of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $8.83 ( 0.264%) | $8.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZYME
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.16 | 3.47 % | |
| R2 | 9.03 | 2.04 % | ||
| R1 | 8.95 | 1.16 % | ||
| Current price: | 8.85 | |||
| Support | S1 | 8.70 | -1.69 % | |
| S2 | 8.62 | -2.57 % | ||
| S3 | 8.50 | -3.99 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.81 | 22.15 % | |
| R2 | 10.53 | 18.98 % | ||
| R1 | 9.36 | 5.76 % | ||
| Current price | 8.85 | |||
| Support | S1 | 8.67 | -2.03% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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