Cannabics Pharma Stock Forecast
Volatile ride for Cannabics Pharma stock price on Thursday moving between $0.0122 and $0.0159
(Updated on Mar 28, 2024)
The Cannabics Pharma stock price gained 13.57% on the last trading day (Thursday, 28th Mar 2024), rising from $0.0140 to $0.0159. During the last trading day the stock fluctuated 30.33% from a day low at $0.0122 to a day high of $0.0159. The price has fallen in 4 of the last 10 days and is down by -0.62% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 thousand more shares were traded than the day before. In total, 10 thousand shares were bought and sold for approximately $162.28 .
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 -4.65% during the next 3 months and, with a 90% probability hold a price between $0.0091 and $0.0168 at the end of this 3-month period.
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CNBX Signals & Forecast
The Cannabics Pharma 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 $0.0144 and $0.0138. A breakdown below any of these levels will issue sell signals. Cannabics Pharma has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, March 13, 2024, and so far it has fallen -6.47%. 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).
Support, Risk & Stop-loss for Cannabics Pharma stock
Cannabics Pharma finds support from accumulated volume at $0.0155 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 $0.0037 between high and low, or 30.33%. For the last week, the stock has had daily average volatility of 25.89%.
Our recommended stop-loss: $0.0151 (-4.96%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 11 days ago.)
Trading Expectations (CNBX) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Cannabics Pharma to open at $0.0147, and during the day (based on 14 day Average True Range), to move between $0.0132 and $0.0186, which gives a possible trading interval of +/-$0.0027 (+/-17.24%) up or down from last closing price. If Cannabics Pharma takes out the full calculated possible swing range there will be an estimated 34.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0162 (1.89%) than the support at $0.0155 (2.52%), 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 Cannabics Pharma stock A Buy?
Cannabics Pharma 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.331 Hold/Accumulate Upgraded
Predicted Opening Price for Cannabics Pharma of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$0.0147 ( 7.76%) | $0.0159 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNBX
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0184 | 15.51 % | |
R2 | 0.0170 | 6.62 % | ||
R1 | 0.0161 | 1.13 % | ||
Current price: | 0.0159 | |||
Support | S1 | 0.0133 | -16.65 % | |
S2 | 0.0124 | -22.14 % | ||
S3 | 0.0110 | -31.03 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0180 | 13.21 % | |
R2 | 0.0165 | 3.77 % | ||
R1 | 0.0162 | 1.89 % | ||
Current price | 0.0159 | |||
Support | S1 | 0.0155 | -2.52% | |
S2 | 0.0150 | -5.91% | ||
S3 | 0.0125 | -21.38% |
FAQ
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