Elite Pharmaceuticals Inc Stock Forecast
Elite Pharmaceuticals Inc stock price up 2.53% on Thursday
(Updated on Apr 25, 2024)
The Elite Pharmaceuticals Inc stock price gained 2.53% on the last trading day (Thursday, 25th Apr 2024), rising from $0.126 to $0.130. During the last trading day the stock fluctuated 4.00% from a day low at $0.125 to a day high of $0.130. The price has been going up and down for this period, and there has been a -7.42% loss for the last 2 weeks. Volume fell on the last day by -909 thousand shares and in total, 216 thousand shares were bought and sold for approximately $27.91 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 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 -32.36% during the next 3 months and, with a 90% probability hold a price between $0.0819 and $0.0957 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ELTP Signals & Forecast
There are mixed signals in the stock today. The Elite Pharmaceuticals Inc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.142. On a fall, the stock will find some support from the short-term average at $0.129. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 not be. The very low volume increases the risk and reduces the other technical signals issued. A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 5.11%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for Elite Pharmaceuticals Inc stock
Elite Pharmaceuticals Inc finds support from accumulated volume at $0.127 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 periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0050 between high and low, or 4.00%. For the last week the stock has had daily average volatility of 4.81%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ELTP) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Elite Pharmaceuticals Inc to open at $0.128, and during the day (based on 14 day Average True Range), to move between $0.121 and $0.138, which gives a possible trading interval of +/-$0.0083 (+/-6.40%) up or down from last closing price. If Elite Pharmaceuticals Inc takes out the full calculated possible swing range there will be an estimated 12.79% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.127 (1.78%) than the resistance at $0.134 (3.47%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Elite Pharmaceuticals Inc stock A Buy?
Elite Pharmaceuticals 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.
Current score: -2.465 Sell Candidate Unchanged
Predicted Opening Price for Elite Pharmaceuticals Inc of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $0.128 ( 1.03%) | $0.130 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELTP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.133 | 2.83 % | |
| R2 | 0.131 | 1.36 % | ||
| R1 | 0.130 | 0.445 % | ||
| Current price: | 0.130 | |||
| Support | S1 | 0.126 | -2.50 % | |
| S2 | 0.125 | -3.42 % | ||
| S3 | 0.123 | -4.89 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.148 | 14.29 % | |
| R2 | 0.140 | 8.11 % | ||
| R1 | 0.134 | 3.47 % | ||
| Current price | 0.130 | |||
| Support | S1 | 0.127 | -1.78% | |
| S2 | 0.126 | -2.47% | ||
| S3 | 0.123 | -4.86% |
FAQ
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