Fennec Pharmaceuticals, Inc Stock Forecast
Fennec Pharmaceuticals, Inc stock price ended at $9.34 on Friday, after losing 2.40%.
(Updated on Apr 19, 2024)
The Fennec Pharmaceuticals, Inc stock price fell by -2.40% on the last day (Friday, 19th Apr 2024) from $9.57 to $9.34. It has now fallen 6 days in a row. During the last trading day the stock fluctuated 5.23% from a day low at $9.18 to a day high of $9.66. The price has fallen in 7 of the last 10 days and is down by -12.63% 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 -11 thousand shares and in total, 143 thousand shares were bought and sold for approximately $1.34 million.
The stock has broken the wide and weak rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $9.47. A reaction back to this level may hold a second chance to get out before further falls.
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FENC Signals & Forecast
There are few to no technical positive signals at the moment. The Fennec Pharmaceuticals, 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 $10.07 and $10.39. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 28, 2024, and so far it has fallen -16.01%. 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.
Support, Risk & Stop-loss for Fennec Pharmaceuticals, Inc stock
Fennec Pharmaceuticals, Inc finds support from accumulated volume at $9.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.480 between high and low, or 5.23%. For the last week the stock has had daily average volatility of 4.81%.
Fennec Pharmaceuticals, Inc is oversold on RSI14 (23). 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 (FENC) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Fennec Pharmaceuticals, Inc to open at $9.39, and during the day (based on 14 day Average True Range), to move between $8.88 and $9.80, which gives a possible trading interval of +/-$0.455 (+/-4.88%) up or down from last closing price. If Fennec Pharmaceuticals, Inc takes out the full calculated possible swing range there will be an estimated 9.75% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $9.40 (0.64%) than the support at $9.20 (1.50%), 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 Fennec Pharmaceuticals, Inc stock A Buy?
The Fennec Pharmaceuticals, Inc stock holds several negative signals and despite the positive trend, we believe Fennec Pharmaceuticals, Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -4.315 Sell Candidate Unchanged
Predicted Opening Price for Fennec Pharmaceuticals, Inc of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $9.39 ( 0.535%) | $9.34 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FENC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.87 | 5.67 % | |
| R2 | 9.69 | 3.71 % | ||
| R1 | 9.57 | 2.50 % | ||
| Current price: | 9.34 | |||
| Support | S1 | 9.21 | -1.43 % | |
| S2 | 9.09 | -2.64 % | ||
| S3 | 8.91 | -4.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.07 | 18.52 % | |
| R2 | 9.47 | 1.39 % | ||
| R1 | 9.40 | 0.642 % | ||
| Current price | 9.34 | |||
| Support | S1 | 9.20 | -1.50% | |
| S2 | 9.14 | -2.14% | ||
| S3 | 9.00 | -3.64% |
FAQ
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