Madrigal Pharmaceuticals, Inc. Stock Forecast
Madrigal Pharmaceuticals, Inc. stock price up 0.696% on Tuesday
(Updated on Apr 16, 2024)
The Madrigal Pharmaceuticals, Inc. stock price gained 0.696% on the last trading day (Tuesday, 16th Apr 2024), rising from $231.37 to $232.98. During the last trading day the stock fluctuated 5.84% from a day low at $222.90 to a day high of $235.92. The price has risen in 6 of the last 10 days but is still down by -4.71% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 15 thousand more shares were traded than the day before. In total, 338 thousand shares were bought and sold for approximately $78.67 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 15.62% during the next 3 months and, with a 90% probability hold a price between $232.48 and $342.41 at the end of this 3-month period.
MDGL Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 0.696%. 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. The Madrigal 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 $241.27 and $251.48. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Madrigal Pharmaceuticals, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $216.33 and $201.44. 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, Madrigal Pharmaceuticals, Inc. finds support just below today's level at $216.33. If this is broken, then the next support from accumulated volume will be at $201.44 and $188.54.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $13.02 between high and low, or 5.84%. For the last week, the stock has had daily average volatility of 3.96%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MDGL) For The Upcoming Trading Day Of Wednesday 17th
For the upcoming trading day on Wednesday, 17th we expect Madrigal Pharmaceuticals, Inc. to open at $230.60, and during the day (based on 14 day Average True Range), to move between $220.26 and $245.70, which gives a possible trading interval of +/-$12.72 (+/-5.46%) up or down from last closing price. If Madrigal Pharmaceuticals, Inc. takes out the full calculated possible swing range there will be an estimated 10.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $216.33 (7.15%) than the resistance at $265.68 (14.04%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Madrigal Pharmaceuticals, Inc. stock A Buy?
The Madrigal Pharmaceuticals, Inc. stock holds several negative signals and despite the positive trend, we believe Madrigal Pharmaceuticals, Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.285 Sell Candidate Unchanged
Predicted Opening Price for Madrigal Pharmaceuticals, Inc. of Wednesday, April 17, 2024
| Fair opening price April 17, 2024 | Current price |
|---|---|
| $230.60 ( 1.02%) | $232.98 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MDGL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 243.62 | 4.57 % | |
| R2 | 238.65 | 2.43 % | ||
| R1 | 235.57 | 1.11 % | ||
| Current price: | 232.98 | |||
| Support | S1 | 225.63 | -3.16 % | |
| S2 | 222.55 | -4.48 % | ||
| S3 | 217.58 | -6.61 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 283.23 | 21.57 % | |
| R2 | 270.37 | 16.05 % | ||
| R1 | 265.68 | 14.04 % | ||
| Current price | 232.98 | |||
| Support | S1 | 216.33 | -7.15% | |
| S2 | 201.44 | -13.54% | ||
| S3 | 188.54 | -19.07% |
FAQ
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