Myomo, Inc Stock Forecast
Myomo, Inc stock upgraded from Strong Sell Candidate to Sell Candidate after Thursday trading session.
(Updated on Apr 18, 2024)
The Myomo, Inc stock price gained 3.68% on the last trading day (Thursday, 18th Apr 2024), rising from $2.72 to $2.82. During the last trading day the stock fluctuated 6.84% from a day low at $2.75 to a day high of $2.94. The price has fallen in 6 of the last 10 days and is down by -10.19% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 49 thousand more shares were traded than the day before. In total, 200 thousand shares were bought and sold for approximately $564.92 thousand.
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 -11.95% during the next 3 months and, with a 90% probability hold a price between $2.15 and $3.29 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
MYO Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 4.44%. Further rise is indicated until a new top pivot has been found. Myomo, Inc 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Myomo, 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 $2.89 and $3.33. 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 Myomo, Inc stock
Myomo, Inc finds support from accumulated volume at $2.75 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 $0.188 between high and low, or 6.84%. For the last week, the stock has had daily average volatility of 9.67%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MYO) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Myomo, Inc to open at $2.84, and during the day (based on 14 day Average True Range), to move between $2.55 and $3.09, which gives a possible trading interval of +/-$0.267 (+/-9.48%) up or down from last closing price. If Myomo, Inc takes out the full calculated possible swing range there will be an estimated 18.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.75 (2.48%) than the resistance at $3.26 (15.60%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Myomo, Inc stock A Buy?
Myomo, Inc holds several negative signals and is within a very wide and falling trend, so we believe 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: -4.872 Sell Candidate Upgraded
Predicted Opening Price for Myomo, Inc of Friday, April 19, 2024
Fair opening price April 19, 2024 | Current price |
---|---|
$2.84 ( 0.611%) | $2.82 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MYO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 3.03 | 7.29 % | |
R2 | 2.95 | 4.74 % | ||
R1 | 2.91 | 3.16 % | ||
Current price: | 2.82 | |||
Support | S1 | 2.77 | -1.94 % | |
S2 | 2.72 | -3.52 % | ||
S3 | 2.65 | -6.07 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 3.35 | 18.79 % | |
R2 | 3.33 | 18.09 % | ||
R1 | 3.26 | 15.60 % | ||
Current price | 2.82 | |||
Support | S1 | 2.75 | -2.48% | |
S2 | 2.72 | -3.55% | ||
S3 | 2.70 | -4.26% |
FAQ
Click here for our free guide on how to buy Myomo, Inc Stock.